Do You Have a Plan to Sell Your Business?
Why not? There are a lot of questions to be answered and work to be done before you’re ready to sell your business.
One of the questions we often ask our clients is ‘when do you plan to sell your business?’ We get all sorts of responses, ranging from ‘I’ve no intention of selling it’ to ‘We think the boys will take it over, but we’re not sure’ to ‘I’d sell it tomorrow if I could!’
Whatever the response, what we like to get our clients thinking about is the sooner you plan out the succession or sale of your business, the more time you have to get things right and, in the case of sale, to maximize the sale price.
Here’s an example list of projects we have worked on with clients to prepare their businesses for sale:
- Business structure: is the optimal structure in place to ensure a smooth transition AND to minimize your tax position on succession or sale?
- Contingency planning: what if you became incapacitated in the short term before you sold the business? If it depends too much on you, you’ve got a big problem.
- Valuation: many of our clients vastly overestimate the value of their business. Our job is to arrange a valuation…then work with you to help you improve it before you sell.
- Team member communication and development: perhaps your buyer is already on your team?
- Planning your future: what will you do when your business has gone and how will you finance it?
- Systems and processes: a business with comprehensive systems is almost always worth more than one with no systems.
- Tax planning: ensuring you minimize the amount of your sales proceeds to the tax authorities.
Whether you’re thinking of selling your business soon or years from now, we can help you map out a plan to achieve a more successful outcome. You don’t want to leave the success of your business sale to fate. Let’s get it organized now so that when you’re ready you will simply have to follow the plan. You’ll save yourself a lot of headaches and cash as well.
Give us a call today — 559-924-1225.