A Mindset Tune-Up for a Profitable Exit Strategy

After pouring years of hard work to create and build a successful business, you earned the right to sell it so that you can move on to new pursuits. Maybe even a well-deserved retirement in Maui.

But selling a company is not the same as selling your products or services. Some of the lessons that you learned in business will serve you well, but you need to plan and make decisions based on a different perspective.

Planning a business sale does not require a full paradigm shift in the thinking that contributed to its past success. Until you hand the reins of your company over to a new owner, you have a responsibility to keep it in good shape. However, when you decide to sell, you need to tweak your thinking to ensure that you retain or add value to your business. It makes sense to start talks early with your accountant and trusted business finance professionals to strategize specifically about what you can do to help get maximum valuation for your company.
Here’s a four-point tune-up of your thinking that can help you attract buyers and move toward a profitable deal:

Ramping Up the Curb Appeal as You Plan to Sell Your Business

Anyone who has launched a successful business venture has probably likely spent countless tireless hours building it to what it is today. Through all of that work, though, have the owners given thought about what could be done to prepare to sell the business one day? Whether the plan is to sell it now or in the next five years, it takes time to prepare for the transition.

There are many moving parts to consider when planning a business transition. The owners must identify strategic buyers, understand the company's valuation and prepare the team. While it’s essential to manage all these moving parts, the owners must also consider the largest asset that doesn't appear on the balance sheet: the company's brand assets. This includes the brand's values, promise, personality, identity and reputation.