Most business owners have a general idea of when they would like to sell their company and it is usually around their desired retirement age. Some owners are lucky enough to see their plans work out.
But, as many owners found out recently, if your planned exit happens to take place during a down cycle you may be in for a rough ride or a rude awakening. Can you wait out the downcylcle? Some owners, due to age, health or retirement reasons, could not, and took a bath on selling their business.
There are always going to be outside factors that can’t be controlled. Spending a good portion of your life building a business only to have to sell it at a discount because you weren’t prepared is not a pleasant scenario. So the time to start thinking about preparing your business for sales is now. EVEN IF YOU ARE NOT PLANNING ON SELLING YOUR BUSINESS ANYTIME SOON.
What should you be preparing? Here are a few fundamentals: Have professional financial statements and have them reviewed regularly. Get a sound management team in place. Review and improve policies and procedures. Get your costs under control. Restructure your debt effectively. And more.
You can never be too prepared. Let us help you get to work on what really matters. To learn more about Ceibass and the Enterprise Value Specialists who can help increase your profits and the value of your green industry business, call Tom at 303-974-7577. Or email us.