Savvy Business Owners Plan for Success…ion–Built to Sell
There are a variety of reasons why we originally chose to become business owners. (Money, Boss, Vacations, Improve lives). Making the transition from employee to employer often requires lots of hard work, intuition, extreme commitment, and focus. With all of the effort we put into building our business we will want to be rewarded. Generally this means paying ourselves on a regular basis and then funding many of our other financial goals with the eventual sale of our business.
Building a business with the intent of selling it will help us develop features (ways of increasing the value of the business, income streams, and the business without you) that future buyers will be interested in. Having a “Built to Sell” mentality requires developing effective and efficient systems that increases the value of a business by:
- Increasing a profits,
- Increasing sales, decreasing expenses
- Strategic uses of retained earning
without us being there. To implementing these systems requires a strategic long term plan that forms part of the business succession plan. The business succession plan forms part of the blue print used to not only guide us to improve operational efficiencies and make better financial decisions but also prepare us to turn the keys over when the timing is right.
Beginning with the end in mind will help prepare us and avoid that panic feeling when buyers come knocking, even when we are not selling.
Will you be ready?