6 Things To Consider Before You Sell Your Business

I was chatting with someone about their focus for the coming year and they said that they wanted to develop structure and processes within their business, with the ultimate aim to look at exiting their industry in 5 years’ time.

We started chatting about the various things for them to consider and it reminded me of a book I read a few years ago – Built to Sell

It talks about that very thing – developing systems and structures.

It focuses business owners on transforming their companies into sellable assets. The narrative centres on the journey of a business owner, demonstrating the importance of creating systems, reducing owner dependence, and focusing on scalability.

It emphasises the need for well-defined processes, documented procedures, and delegated responsibilities.

The book underscores the value of measuring performance metrics and ultimately aims to empower business owners to build businesses that can thrive independently.

The aim is to adopt a proactive approach towards system-building and fostering a mindset that enhances the market value of your business.

The key takeaways and questions to ask yourself are:

1. Define Core Processes: Clearly outline the essential that drive your business.
2. Document Procedures: Create detailed documentation for each process to ensure consistency.
3. Delegate Responsibility: Assign specific tasks to individuals to promote accountability.
4. Measure Performance: Establish metrics to track the effectiveness of your systems.
5. Reduce Owner Dependency: Aim to build a business that can operate smoothly without your constant involvement.
6. Enhance Scalability: Design systems that can adapt and grow as your business expands.

So, if you’re looking a selling your business in the next year or five, ask yourself the questions above and see how you rate.