45 WAYS TO BUILD VALUE IN YOUR BUSINESSTHINGS YOU WILL WANT TO DO BEFORE YOU PUT YOUR BUSINESS ON THE MARKET

CREATE A WORKBOOK AND CALL IT “MY BUSINESS SALE”

WHENEVER YOU SEE THIS ICON ON THE SLIDE IT IS TELLING YOU THAT YOU NEED TO MAKE AN ENTRY INTO YOUR WORKBOOK

Or use our template at growandsellyourbusiness.com

WHEN ARE YOU GOING TO SELL YOUR BUSINESS AND FOR HOW MUCHJUST TAKE A GUESS AT THIS STAGE AND Y O U W I L L F I N E - T U N E T H I S V E R Y IMPORTANT EQUATION AS WE GO ON. Y O U R G U E S S W I L L B E C O M E M O R E EDUCATED. WRITE IT IN YOUR WORKBOOK

A S K T H E Q U E ST I O N “ W H O I S GOING TO BUY YOUR BUSINESS?”ONCE YOU KNOW WHO MIGHT BUY YOU CAN START TO THINK ABOUT WHAT THAT BUYER WANTS AND ADAPT YOUR BUSINESS ACCORDINGLY. A MUM AND DAD (PRIVATE) BUYER WANTS DIFFERENT THINGS COMPARED TO AN INDUSTRY BUYER

CREATE A BUSINESS PLAN.

A GOOD BUSINESS PLAN ANSWERS THERE QUESTIONS: WHERE ARE WE NOW , WHERE DO WE WANT TO GO AND HOW ARE WE GETTING THERE

One page business plan available at

growandsellyourbusiness.com

HIRE A COACH

THEN YOU WILL FREE YOURSELF UP TO WORK ON YOUR BUSINESS

FORM YOUR TEAM

FIND A GOOD ACCOUNTANT

YOU WANT ONE WHO IS GOOD BUT ALSO GOOD VALUE SO YOU CAN ENGAGE IN PLANNING AS WELL AS COMPLIANCE WORK

FORM YOUR TEAM

FIND A GOOD LAWYER

YOU NEED ONE WHO HAS EXPERIENCE WITH SMALL BUSINESS AND TRANSACTIONS TOO.

FORM YOUR TEAM

FIND A FINANCIAL ADVISOR

YOU SHOULD BE PLANNING HOW MUCH YOU NEED TO RETIRE AND THEN WHAT YOU ARE GOING TO DO FOR THE REST OF YOUR LIFE.

FORM YOUR TEAM

FIND A BUSINESS BROKER

A BUSINESS BROKER CAN ADVISE ON BUSINESS VALUE, WHEN YOU SHOULD SELL AND HOW TO GO ABOUT IT TO MAXIMISE BUSINESS SALE PRICE. CONSULT ONE EARLY

FORM YOUR TEAM

ASK WHERE YOU ARE IN THE INDUSTRY CYCLE

You need to be selling your business before your product or service is out of date or replaced by a cheaper and more efficient variety. Make yourself future-proof or get out.

The Cycles

ASK WHERE YOU ARE IN YOUR LIFE CYCLE

How well are you performing mentally? How long have you got to go before you start to become less able to operate or build the business. Do you want to sell this one and buy another? Are you stale? Don’t leave it too late.

The Cycles

ASK WHERE YOU ARE IN YOUR CALENDAR CYCLE

What is the best time of year for you to sell. This is the shortest of the cycles but still important for your sale planning. Better to sell coming into your busy time or when stock is low. Think about it.

The Cycles

ASK WHERE YOU ARE IN THE ECONOMIC CYCLE

This is the longest of all the cycles and is probably one of the easiest to plot.

The Cycles

You won’t know exactly when the boom or bust will end but statistics can give you plenty of clues for educated estimates.

KEEP STOCK TO MINIMUM LEVELSMAKE SURE YOU ONLY KEEP GOOD AND SALEABLE STOCK. SELL OFF EXCESS STOCK.

SYSTEMISE YOUR OPERATION

SYSTEMS MAKE IT EASY FOR YOUR PEOPLE TO RUN YOUR BUSINESS

SYSTEMS:

CREATE AND DOCUMENT YOUR SOCIAL MEDIA POLICY AND PLAN. THIS GIVES CERTAINTY AND IS A CRUCIAL PART OF HANDOVER.

SYSTEMISE YOUR SALES OPERATION

JOIN A NETWORKING GROUP. THEN WHEN YOU SELL, YOUR SUCCESSOR CAN ALWAYS SLOT INTO YOUR PLACE

SYSTEMISE YOUR SALES OPERATION

CREATE A SALES SYSTEM BLUEPRINT. THIS TAKES THE GUESSWORK OUT OF SALES AND MARKETING AND CREATES. SEE OUR WEBSITE FOR MORE

Make sure your financial records are clean and up to date

WORKING CAPITAL

REDUCE THE NEED FOR EXTRA MONEY IN THE BUSINESS. REDUCE STOCK LEVELS. REDUCE DEBTORS. EXTEND TERMS WITH CREDITORS. FACTOR YOUR DEBTS.

IMAGEMAKE SURE YOU PRESENT AN ATTRACTIVE IMAGE. CLEAN UP YOUR PLACE, OFFICE AND FACTORY. YOU WANT A BUYER TO SAY “I’D LOVE TO WORK HERE” STEP BACK AND TAKE AN HONEST LOOK

MAKE SURE YOUR PROFIT STATEMENT IS PROVABLE

BUYERS WILL BE HAPPY TO FIND A BUSINESS THAT HAS A VERIFIABLE HISTORY. THEY WILL DISCOUNT THE PRICE IF THERE IS UNCERTAINTY, MESSINESS OR HINT OF MISREPRESENTATION

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ENSURE YOU HAVE AN EVEN SPREAD OF CLIENTSTHIS WAY YOU ARE NOT EXPOSED IF A MAJOR CLIENT LEAVES AND TAKES THEIR BUSINESS ELSEWHERE. GROW THE LONG TAIL OF YOUR CLIENT LIST

INVEST IN YOUR PEOPLE

HIRE STAFF WISELY AND TO FILL GAPS THINK OF OUTSOURCING TO OVERSEAS WORKERS IF POSSIBLE

INVEST IN YOUR PEOPLE

PAY YOUR STAFF WELL. HAPPY STAFF STAY LONGER AND THAT IS A KEY STRENGTH WHEN YOU ARE SELLING

INVEST IN YOUR PEOPLE

HAVE REGULAR TRAINING SESSIONS. STAFF WILL STAY LONGER AND IT SHOWS STABILITY IN A BUSINESS TO HAVE LONG SERVING STAFF.

INVEST IN YOUR PEOPLE

BUY UNIFORMS FOR YOUR STAFF. THEY WILL FEEL PART OF A TEAM AND IT WILL HELP WHEN YOU SELL. APPEARANCE IS EVERYTHING.

KEEP A REGISTER OF EMPLOYEES WITH

PAY RATES, HOURS WORKED, SPECIAL

SKILLS AND LENGTH OF EMPLOYMENT.

KEEP IT UP TO DATE

EMPLOYEE REGISTER

MAKE YOURSELF LESS IMPORTANT TO THE BUSINESS

(THIS MAKES YOUR BUSINESS MORE TRANSFERABLE AND HENCE MORE VALUABLE)

DELEGATE MORE TO KEY STAFF IN YOUR BUSINESS.

MAKE YOURSELF LESS IMPORTANT TO THE BUSINESS

(THIS MAKES YOUR BUSINESS MORE TRANSFERABLE AND HENCE MORE VALUABLE)

TRUST IN THE PEOPLE YOU HAVE DELEGATED TO AND TAKE MORE TIME OFF FROM YOUR BUSINESS.

DIFFERENTIATE YOUR PRODUCT

OR SERVICE

DON’T JUST COMPETE ON

PRICE

BUILD SALES

BUILD SALES BUT IN A WAY THAT IS REPEATABLE AND

SUSTAINABLE. NOBODY WILL

PAY MONEY FOR SALES AND

PROFIT THAT ARE ONE OFF OR

BUILT ON HEAVY ONE-OFF

DISCOUNTS

HAVE A GOOD SPREAD OF SUPPLIERS

DON’T BE A THE MERCY OF ONE SUPPLIER. GIVE

YOURSELF CHOICE. SHOP AROUND.

KEEP YOUR EQUIPMENT UP TO DATE

POOR EQUIPMENT WILL LET YOUR BUSINESS DOWN

BUILD YOUR ONLINE STRENGTH

THE MORE YOU TRADE ONLINE, THE LESS VULNERABLE YOU ARE TO PERSONAL RELATIONSHIP RISK AT TRANSACTION STAGE

BUILD BRAND. BRAND IS BUILT UP OVER MANY

OF YEARS. IT MAKES YOUR BUSINESS DESIRABLE AND

VALUABLE AND IS THE FEELING YOUR

CUSTOMERS OR POTENTIAL

CUSTOMERS GET WHEN THEY SEE OR

HEAR YOUR COMPANY OR

PRODUCT NAME

BRAND

A GOOD BRAND SAYS TO THE MARKET

“TRUST ME AND I WILL LOOK AFTER

YOU”. BE READY TO SHOW CLIENT

TESTIMONIALS, PRESS WRITE-UPS AND ANY

CUSTOMER SATISFACTION

SURVEYS YOU MAY HAVE.

BRAND

PROTECT YOUR INTELLECTUAL

PROPERTY. MAKE SURE TRADEMARKS

PATENTS AND DESIGNS ARE

REGISTERED. START A REGISTER OF

YOUR COPYRIGHTED MATERIAL

INTELLECTUAL PROPERTY

MAINTAIN A GOOD CREDIT RATING.

YOUR CREDIT HISTORY IS

SEARCHABLE. BAD CREDIT HISTORY

WILL MAKE A BUYER NERVOUS ABOUT YOUR BUSINESS.

CREDIT RATING

UNDERSTAND YOUR COMPETITORS.

WHAT DO THEY DO WELL? WHAT COULD

YOU COPY? WHAT DO YOU WANT TO

COMPETE ON?PRICE? SERVICE? LOCATION? FUN?

SPEED?

COMPETITION

PREMISES

IF POSSIBLE-BUY YOUR PREMISES. THIS GIVES YOU

MUCH MORE FLEXIBILITY AND POWER WHEN IT

COMES TO SALE

PREMISES

IF YOU OPERATE FROM PREMISES,LEASE CAN BE

CRITICAL. MAKE SURE YOU HAVE SUFFICIENT LEASE OR GET THE

LANDLORD TO AGREE TO GIVE A GOOD LEASE TO A BUYER

REASON FOR SALEBE HONEST ABOUT THE REASON FOR

SALE. RETIREMENT IS A GOOD ONE BUT IF YOU ARE

SELLING BECAUSE YOU HAVE COME

TO THE END OF THE ROAD OR LOST

ENERGY, SAY SO. THIS BUILDS TRUST

AND WILL HELP WITH THE SALES TRANSACTION.

TELL YOUR STORY VIA A COMPANY BLOG. THIS IS AN INEXPENSIVE WAY TO COMMUNICATE WITH

YOUR CLIENTS AND SUPPORTERS. THIS FORMS PART OF YOUR

INTELLECTUAL PROPERTY

Get clarity. Clear your head. See through the fog.

YOU ARE THE BRIDGEONLY YOU STAND BETWEEN THE PRESENT AND YOUR FUTURE SUCCESS.

SET GOALS THAT STRETCH YOUTHAT WAY YOU WILL GET OUT OF YOUR COMFORT ZONE

LOOK FOR AN OPENING

You are never far away from a breakthrough.