Selling your business can be stressful and exciting. You are both giving up something you’ve worked your butt off to build, but also realizing the financial windfall from that work. One of the real mysteries is knowing when and how to exit.
Here are some key points to consider for a successful exit:
1. Focus on growth. Don’t spend all your time thinking about exiting the business. Focus on growing the business. This is one instance where “Begin With the End in Mind”, may not be solution. Build the kind of business that buyers are foaming at the mouth to purchase. Focus on revenue and continuous growth.
2. Have a strong team. Having employees that are knowledgeable and well-trained helps. If you are able to attract thoroughbred employees in your industry shows that your company is valued and growing. It will also make if far easier to sell when the time arrives.
3. Know your market. Leaders in an industry know where things are going. It makes sense to continue to be a student of your industry. In fact, keep up with other industries that affect your own industry. Your goal should be to never stop learning, it will help you know the right time to exit.
4. Service makes a difference. It will make a sale much tougher if your company has a reputation for poor customer service. Keep this in mind with every interaction with a customer. If your company is setting the standard for good service, it will make it far more attractive to potential buyers.
Keep these four strategies in mind from day to day as you run your business. Don’t focus on the exit, focus on growth, a strong team, knowledge of your market and good service. It will give you a strong business as well as the advantage when you eventually exit. If you have questions write me at firstname.lastname@example.org, or call me at 859-225-2596.