By Busola Bamidele
Many business owners work tirelessly to grow their enterprises but often neglect to plan for a future sale. This oversight can create significant issues when the time comes to exit.
Did you know that fewer than 10% of small business owners successfully sell their businesses? Those who do typically have a solid exit strategy in place. Here’s how you can prepare to sell your business and maximize its value.
- Make Your Operations Work Without You
Prospective buyers want a business that can operate independently of its owner. Implement clear systems and processes that your team can follow without your constant oversight. Nathan Hirsh, founder and seller of FreeeUp, says, “If you are the fulfillment, no one wants to buy your business.”
Expert Tips:
Document every business procedure, from onboarding new clients to daily operations, in a clear, accessible format.
Automate repetitive tasks to save time and minimize errors.
Ensure your team can manage the business in your absence. Your business should run smoothly even when you take extended breaks.
Your Action Step:
Dedicate an hour each week to documenting three processes in your business that can be delegated or automated.
By following these steps, you can make your business more appealing to buyers and ensure a profitable sale when the time comes.
