If you’ve considered selling your business sometime in the near future it can be tempting to get into a two-weeks-notice frame of mind. Remember when you worked for someone else and turned in your notice? You mentally checked out then and there, right?
Here’s the thing – if you want to get the best return on the investment of time, energy and capital you’ve put into your business over the years you need to act like you are going to own your business forever and like you are going to sell tomorrow.
I’m not going to own my business forever, that’s impossible.
Sure, but if you start every day as a business owner with the mindset that you will always be the owner you will probably make decisions about your business with an eye on long term goals and future growth. You’ll focus on marketing campaigns meant to bring in new customers. You’ll make improvements in your equipment that will improve customer experiences. You’ll make sure the people you hire are there for the long term and are both qualified and willing to learn to do things the way they need to be done. What does this eye on the long term lead to? An improved bottom line. An improved bottom line that will be very appealing to buyers when the time does come to sell and a bottom line that will directly benefit you as an owner while you remain in charge. A win-win.
I’m not ready to sell tomorrow, so why would I act like I am?
Putting yourself in the “I’m going to sell tomorrow” mentality will do a couple of things for you and your business. It will force you to make repairs and conduct regular maintenance and cleaning – things that keep your customer base happy. It will force you to keep your financial records in order – which will make your accounting easier as well as make your records easy to read for buyers down the road. It will also force you to keep an eye on potential for growth – both to improve your bottom line now for your own benefit as well as creating a selling point for potential buyers.
You want to get the best return on everything you’ve put into your business, so keep the two-week-brain on hold. Prepare your business like you’ll be there forever and like you’re selling tomorrow.
Are you considering selling your business because you’re totally burned out? Would you like to know more about how you can maximize the return on your business investment? Ask us! Leave questions or comments and we would be happy to help.
12995 South Cleveland Avenue, Suite 249
Fort Myers, FL 33907