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Do you have a plan to sell your business?
As stated in a recent article in the Toronto Star “An owner ought to be building it to be sold from the day a business is incorporated”. Planning for a sale should take at least 3 years of shaping the business to attract a buyer.
Examine possibilities of increasing revenue by raising prices and using incentives for volume purchases.
Reducing expenses add directly to the bottom line. To quote the Toronto Star article “Every dollar in operational savings translates into a multiple of dollars come sale time “.
The most significant expenses are usually payroll and facilities. Is it possible to find cheaper space or if there is excess space is it possible to sublet? Can the number of employees be reduced? Can owners ‘salaries in excess of market be cut back and possibly be replaced by dividends?
Establishing systems that will enable the business to operate successfully without the involvement of the current owner is essential and management capable of taking the helm is the goal of good succession planning.
Keep up your business network contacts and be aware of where your industry is heading. Remember, the best time to sell is when the prospects for success are strong.
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