Tip #2: Remove Yourself.
Can your business thrive without you at the helm? Or, will it stray off course?
Buyers need to be confident your company can run profitably without you. They want to see employees, customers and suppliers who are loyal to the business, not you.
If a buyer suspects a business is heavily dependent on its current owner, they’ll either pass on purchasing your business or make an offer far lower than you want.
Take some work days off and allow your staff to make key decisions without you. This will help you figure out who has what it takes to take over your responsibilities and who may need to be let go.
Once you’ve identified the stand-outs, start training them to take over key responsibilities. Also make sure they can effectively help a new owner get up to speed without relying on you.
Remember – a strategic exit plan ensures you have the right people in place to drive business long after you sell.
Stay tuned for Tip #3.