An exit strategy is extremely important if you want to get the maximum sale amount for your business.
Here are a few tips to help you prepare your business for sale:
Keep a tight control on expenses and avoid putting personal expenses through the books
Dont let the businesses performance slide or wait until you lose your passion
Train your staff to take over some of your role
Secure your suppliers with an exchange of correspondence detailing the relationship
Expand your client base
Keep a tight control on your debtors
Use a qualified accountant or bookkeeper to do your books
Bank and account for all sales including cash sales
Prepare basic operation manuals on how the business works
Ensure all staff have a written job description and Workplace Agreement
Ensure all health and safety issues are addressed and well-managed
Ensure plant and equipment is working and well maintained
Ensure all software is registered and computers are virus free
Get a Business Valuation done this year and understand the basic valuation principles (Hallmark Business Sales can help with this).
Contact Hallmark Business Sales today as a potential seller!
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