Selling your business can be a daunting task. The idea that you’ve put years of hard work, care, money, and attention into this package and now you want to pass it off to a new owner can feel overwhelming, particularly when trying to decide where to start.
Do you know if you’re ready to put your business up for sale? Here are 5 things your business should have to be ready for its succession plan.
Business or Operational Plan
Every business should have a business plan, or – at bare minimum- operational plan. This provides the foundation for yourself, your staff, and a new owner to know exactly what the vision/mission, and forwards steps are to making and keeping your business successful. It will be a challenge to sell your brand without a clear plan/strategy.
Don’t have one? Contact us and let’s get you started.
Established Social Media Presence
Traditional marketing campaigns (think: Radio, TV, print media) aren’t easy to track for new owners; but those days have been overshadowed by digital media. Having a digital presence doesn’t mean your business needs to be on every social media outlet that exists. It does mean, however, that whatever channels work for YOUR business are updated and consistent with strong branding. If your business plan doesn’t contain your marketing strategy, it will only benefit your sale to incorporate that as well.
Need guidance on social media management, or want to outsource it for a bit to build a presence quickly? Book a one-on-one coaching with us, or chat about us designing a marketing strategy that works for you.
Updated Financials
You don’t have to give EVERYTHING away to every prospective buyer, but the closer you get to selling your business, the more the truth will come to surface about your financials. It’s great to have these already in place for your succession plan to run smoothly. Things to consider:
- Inventory list
- Equipment lists
- Outstanding debts (depending on the type of sale)
- Other assets list
Tidied Facade
You don’t want the dirty produce or bent box at the grocery store. You don’t want the t-shirt on the rack that has loose threads. A prospective buyer wants to see a clean building that’s been maintained from the inside out. If you’re a seasonal operation, winter months are a great time to organize the inventory closet, deep clean the floors, or put up fresh coats of paint. A tidy brick and motor is appealing to both, customers and investors.
Business Prospectus
This should be a brief overview of your business, including logo, mission and/or vision statements, rough financials, properties leadership team/employees, location, additional information on the area, and a quick synopsis of the investment as a whole. Businesses that have a Business Prospectus have an easier time finding investors and/or buyers, as they have a “FAQ sheet” ready to go that answers most basic questions, and establishes a sense of organization for the business.
Unsure of where to start, or how to make it look appealing to prospective buyers? Contact us for a quick quote and get started on your future succession planning today.
Was it easy to read this blog post and check off all 5 list items for your business? Did you find the weak link?
As we wind down from tourist season and enter into slower months, it’s a great time to begin your succession planning. Let us know how we can help your business succeed.
Skye Glen Consulting Inc. 