Just the other day, I gave a talk to my NetworkNetwork Group on Business Planning as a Strategy for Success. One of the topics I addressed was planning for one’s exit from the business. The NY Times must have heard about my talk because this article in the Personal Business section of the newspaper appeared a few days later! It also talks to small business owners who are planning to sell or have recently sold their business, and I thought it would be worthwhile to share some of the points made in the article with all of you.
- The first piece of advice is to start running your business as if a buyer will come along at any moment.
- Another piece of advice is not to run the business as if the deal is done before it is.
- Part of running a business to be sold is regularly reviewing how it is doing relative to its competition.
- And, as to the financial offer itself, the amount is always going to vary on the buyer and what the buyer wants from the business owner.
I urge you to read the full story here and let me know what you think.