Unfortunately the answer most likely would be no! Statistics show that 90% of business do not sell and those that do, very few achieve a price anywhere near what they asked. Also those that do sell feel compelled to sell at a price that is an inadequate reward for the many years of effort, energies and risks of being in business.
Unfortunately, the end result is often a disgruntled owner who counted on a lot more money from the sale of the business to fund their future lifestyle.
But we need to ask ourselves why?
The reasons are like most things, quite simple;
• The business was not ready to be sold
• The expectation of the owner was unrealistic
• There was no clear exit plan
• The owner received poor advice throughout the sale process.
If you want to achieve a significant profit on the sale of your business and achieve the ultimate compliment “the knock on the door,” then you need to follow these steps;
Step 1 – Allow time. Did you know it takes on average 2-5 years to sell a business
Step 2 – Build a team of specialist advisors starting with a business improvement specialist
Step 3 – Undertake a sale ready audit including both the owner and the business
Step 4 – Develop a sale ready plan
Step 5 – Measure performance
Step 6 – Implement your plan
Step 7 – Ensure you have accountability
Step 8 – When the business is ready, develop your exit plan
Step 10 – Implement your exit plan
Step 11 – Enjoy life’s next journey.
Every business owner has earned the right to receive a profit on sale that reflects adequate reward for the effort, energy and risks of being in business.
If you want to maximize the profit on sale, don’t wait until you’re ready to sell! Start the process now.