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O P I N I O N
I know what you’re thinking because I hear it all the time. “I’m not ready to sell my business.” “I am not ready to retire.” “Business is too good right now for me to sell.” Prepare your firm for sale The act of priming your business for market increases its value, and helps you embrace an assortment of challenges and opportunities.
While all that might be true, there’s still great reasons to consider preparing your firm for a sale. Here are a couple that come to mind: ❚ ❚ It’s always better to be ready to sell your businesses when you want to, and not when you need to. The overwhelming majority of businesses, however, are not ready. And that’s the problem. When a great op- portunity to sell comes your way, being unprepared can kill the deal. ❚ ❚ Other factors that may necessitate a sale can in- clude illness, death, sudden relocation, loss of staff, exhaustion, and more. The last thing you want to worry about during a time of trouble is getting the business in order so that you can sell. Furthermore, not being prepared can lead to a low value, or in a worst-case scenario, being forced to close the doors. The good news is that most of the steps you take to prepare your firm to sell are good business practices that will benefit your business in the long run. The question of selling or closing the doors is one that all business owners must face at some point. Selling is generally the better choice. You have spent years building a reputation, a
team, and a vision. As an entrepreneur, you should want to ensure the continued success of the people who helped build your brand. A well-executed sale does just that. “The overwhelming majority of businesses are not ready to sell. And that’s the problem. When a great opportunity to sell comes your way, being unprepared can kill the deal.” But let’s look into this a bit deeper and ask a few key questions. ❚ ❚ Are you prepared to sell your business today? ❚ ❚ Could you respond to a strategic buyer if they were to approach your business about a sale? ❚ ❚ Do you have a plan for your business to continue without you should your circumstances change?
Phil Keil
See PHIL KEIL, page 8
THE ZWEIG LETTER September 19, 2016, ISSUE 1168
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