Recently, the enterprise value specialists at Ceibass have been advocating that now is a great time to sell your lawn & landscape business. In this very blog we have recommended articles to read by expert third-party sources underscoring that now may be the “perfect storm” for sellers.
“We have been getting a lot of calls from sellers who are still on the fence,” said Tom Fochtman, Ceibass CEO. “My advice in that situation is to perform your due diligence. Start preparing your business to sell even if you’re not going to sell. Prepare an exit strategy. Create a strategic business plan. Know what after-tax retirement income you’re after. Work your estate plan. Get an updated business valuation. Talk to your partners if you have them. Develop your bench strength. Pretend you are going to sell and hold your assessments until you have the updated information. You’ll be better off for it.”
In addition, Tom endorsed many of the practices outlined in some of the recommended readings including:
- Owners tend to over-value their businesses…get an updated valuation.
- Clean up your books. Get them up to date. Get the strange stuff out-of-there. Don’t overpay yourself or your spouse.
- Think like a buyer.
- If you have partners, get your buy-sell agreements up to date and in place.
- Know your strengths and weaknesses. Do your SWOT analysis. Where do you stack up in your industry in your area?
- Get real. Get truthful. Seek out good help.
Call Ceibass if you need help orienting your thinking to be more effective, strategic and competitive in this domain. We’re here to help.
