Aim for Success When You Consider Selling Your Business
As part of my Ready-or-Not Business Sale Assessment, I ask to see the business’ strategic plan. Owners often look askance, “I’m selling my business. Why in the world would I spend time planning for the next 3-5 years?” Right. That’s why you need one more than ever.
Three reasons to update or create a strategic plan: 1. De-risk the future When you sell your business, you don’t get to call the shots anymore at the very time you are dependent on the performance of the business to get your payout. Successfully executing on a strategic plan can help insure the business can stay on track and profitable during this significant transition. And, your successor will appreciate having the benefit of your considerable knowledge about customer acquisition and needs. 2. Green Means “Go” Besides the operational impact, a strategic plan signals that your business is “grown up” and run by professionals, unlike many businesses that "fire, aim, ready." When you increase trust, you increase the attractiveness of the business and smooth the way for a deal. Also, it tells the current story of the business. Your successor gets a huge amount of context about why certain things are being done in the manner they are. 3. Demonstrate “Growth” Buyers are much more attracted to growing businesses, than assurances that your business could be great. When you have decided that you're “done” it’s really hard to stay in a growth mindset. A three to five year strategic plan can help you define what matters, stay focused, and do the extra bits that support excellence. Perhaps. you don't know how to create a strategic plan or get distracted with immediate needs. Contact me. I can help you focus and walk you through the process, so you end up with more confidence about your business as an asset and how to increase the odds of success.