Preparing Your Business for a New Owner – Step #1

Step #1 – Make the decision to build a sellable business.

To make these emails quick and easily digestible for you, I’ll break them up into a few pieces.

  1. A sellable business is always worth more. Whether you ultimately ever sell your business or decide to transfer it to your children, it will always be worth more if you prepare it for sale. Even better yet, the more sellable the business is, the less work you’ll have to do in the business. You’ll hear more about that in the future…
  2. It’s not about you, it’s about the buyer. That’s why this is titled, “Preparing Your Business for a New Owner” instead of “Preparing Your Business to Sell.” When making key decisions, consider what a third-party person, whom you’ve never met, would want to see. How would your financial reports look? Tax returns? Employee incentives? Marketing?
  3. It’s a commitment you need to make today. This is not a quick-fix or get-rich-quick-scheme. Generally it takes at least 12-months, though several years would be better. Don’t put this on the back-burner. Start today.
  4. You need to set goals and rewards. Your goals need to be specific, achievable, and dated. Each week when you receive the next email with important information for building a sellable business, write on your calendar the day you’ll have this task completed. When you complete that task, celebrate! Buy yourself a new toy or treat your spouse to a fancy dinner. It’s a great incentive and you deserve it.
  5. You don’t have to do it on your own. We’ll be covering a LOT of territory in a few emails and none of it is specific to your business and situation. From my experience as an entrepreneur, buyer, and seller, I’ve broken down my formula for success into a 12 Month Business Tune-up.

For the next few weeks you’ll receive a brief email with ACTIONABLE information for improving your business. To maximize the deposit you’ll be placing in your bank account on your last day of ownership, start taking the actions necessary to significantly increase the value of your business.

Take action today to build a business buyers will be fighting over.

To your success,

Bryan Trilli