Most small businesses or family-owned businesses are not ready to be sold because they are too dependent on the owner running and working in the business every day. As a result, millions of business owners will never be able to tap into the wealth they have tried to create after years and years of effort.
Here are three requirements for being able to sell your small business for top value or be positioned to retire with peace of mind and security (click here now to take a free assessment and find out):
In contrast, business owners who are able to sell their companies for top dollar go beyond these beliefs. They are willing to surrender full control. They don’t need to micromanage. They are open to hiring people smarter than they are, and to giving them the resources and time to develop professionally.
#2. You have a plan in place to recruit, retain, and develop people who can keep the business growing without you. Building a successful business starts with a strong foundation that makes it possible to develop a pool of talent who can run the company without you. Elements of this plan include:
#3. You have an ongoing succession planning process to keep challenging and preparing your team. If you have the above requirements in place, the final piece of the puzzle is an ongoing succession planning process. Succession planning is not a one-time event to replace a retiring business owner. It is an ongoing approach to identifying top talent, developing them, and challenging them to move up.
Small businesses that have these three essential ingredients in place can keep on growing. They give the owner more time to spend on strategic issues and setting high standards. They allow the owner to take long vacations and have a great life outside of work. Most importantly, they make the company more valuable.
Small businesses that don’t do the above will not sell – eventually they will wind down, and the owner will lose out on a huge potential source of wealth.
Sometimes the help of an outside advisor can make a huge difference in being able to sell your business– now or in the future – for top dollar to an enthusiastic buyer. The Center for Sustainable Strategies specializes in this area. For more information, contact us at Christina@christinahaxton.com or call (970) 387-8935 or click here to take a free assessment to see if your business is ready for SUCCESSion or sale.