Counting on the sale of your business to fund your retirement?
Have you ever said, “My business is my retirement plan”? Many business owners have, and many have been successful in creating a comfortable retirement for themselves and a legacy for their loved ones. But what does it really entail? When should you start “getting sale ready”?
The answer to that last questions is NOW! You should be building a saleable business all along the way. Sadly, most business owners are so tied up with the day to day operations, they pay little or no attention to the structure of the business, short of what is necessary to function and hopefully, show a profit.
My recent video discussion with Bill Swan, of Tucson Business Investments, will give you a little more idea of what you need to be considering along the way. At Sandbrook Group, our FreshVue Business Solutions program focuses on the three P’s- Processes, People and Profits. Your business should be as streamlined as possible, books should be “clean” and no hidden agendas!
We equate selling a business to selling your home. You don’t wake up one morning and immediately list your home for sale. No. You take weeks, sometimes months or longer, preparing your home to sell, right? Well, your business is not only selling the structure, but all the contents too! A potential buyer will put every aspect of your business under the microscope. How well prepared you are will determine not only your value and corresponding sales price, but even if your business is saleable at all! You don’t want to wait until then to find that out. There are many things you can be doing along the way to prepare. As with anything, proper planning is essential for the best possible outcome.
So, don’t delay, get your complimentary “Business Risk Assessment” today and our whitepaper on the “Ten Most Important Things You Can Do to Protect Your Business“.