Are you building a business to sell or creating a job for life?
If you want your business to become a valuable saleable asset then make that a conscious decision now.
Then start planning and preparing for that!
You are where you are today because of the decisions you made in the past. Where you end up in the future will depend upon the decisions you make today!
If you are thinking of selling now or sometime in the next 3 years then there are things you need to know and do.
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For example, according to the latest issue of Business Values Newsletter, published by Chris Milne owner of Jarot Business Valuations, the number of businesses coming on to the market in the states least affected by COVID-19 is going up quite rapidly. As the other states open up for business it is safe to assume that the same thing will happen there as well.
Why are so many business owners looking to get out of their business. My observations from working with many business owners across different industries, is that:
- The enormous effort that they have had to put in to cope with the COVID pandemic is wearing them down
- They are suffering "burnout" because business has increased but they can't get good staff and are having to work back in the business "on the tools"
- Alternatively, business has gone backwards and they are struggling to make ends meet
- Uncertainty of what will happen in 2022 around COVID, opening of borders, vaccination requirements etc. is driving business owners to close up and retire.
The message I am trying to get across is that with the number of sellers going up there will be more competition to find good buyers. Finance is still quite difficult to get and that means the sale process is drawing out. If you have any ambition to sell your business in the next year, or three, then start working on it now.
Only the very well prepared businesses will be selling for the best price for the seller.
Sadly, many business owners leave it too late to start planning and preparing and then it ends up becoming a 'fire-sale'. This is NOT where you want to be. I help business owners by:
- Conduct a business ready for sale assessment
- Produce a comprehensive report of where the business stands now
- Look at opportunities and plan to increase saleability and value
- Assist with the sale
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