186 – Top 5 Things To Do When Selling Your Business

Listen to Episode 186

Show Notes

Today we’re going through our five top of considerations from a buyer’s perspective when selling a business.  This topic is really important because when you’re selling a business you’ve got to think about what the buyers actually going to want.  If you’re thinking about it from a buyer’s perspective then you’re going to have the answers to the questions that that they’re going to ask.  These are the top 5 things you should be thinking about.

Make yourself redundant

When you sell a business you are selling to a third party who needs to operate the business without you.  If you’re doing a large chunk of the daily work that is of no use to someone else. Figure out ways for others to do the important tasks.

Cut costs

The less your costs are the higher your profit is.  That makes your business more attractive to a potential buyer.  Figure out ways to tighten your belt!

Find other revenue streams

Your buyer wants to build a bigger and better business.  Find other revenue streams to make your business more attractive for a sale.

Reducing customer concentration

If you’re relying on one customer for most of your revenue you are uniquely vulnerable.  If you have a diversified customer base your buyer will be willing to pay more.

Accurate forecasting

Do you know where your business is headed?  Your buyer will definitely want to know. Create a detailed report on the state of your business and the industry at large to be able to predict what lies ahead in the short and medium terms.

More about this Show

We started Business Legal Lifecycle to create a simple way for you to understand complex legal terms.  Most importantly we want to help you to develop a plan to take your business successfully into the future.  There’s a startling statistic the underscores the importance of developing a solid plan.  The majority of business owners are just seven months away from losing everything.  A single aspect of your business that is not set-up correctly can shut down your whole operation very quickly.   Legal advice is not cheap and even when you can afford it there is often a divide between lawyers and their clients.  We want to close that gap once and for all.  We want to put legal knowledge and tools into your hand to prevent the worst from happening to you.

Twice a week we are going to deliver those tools right to your home or office with Business Legal Lifecycle TV.  We’ll start the week with Fast Fix Monday, a short 5-10 minute video that will tackle a single issue that businesses have to deal with.  Then on Wednesday’s our main show will feature with more fulsome discussions and interviews all delivered in a straightforward and easy to understand format.

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