Do you take a vacation by randomly driving to the airport with no luggage, walking in and buying a random ticket to a random place? No, you plan a trip by doing just that – planning.

This random vacation example might seem absurd, but when it comes to business ownership lack of planning can be a big problem.

How? Although small business owners have some 70-90% of their net worth wrapped up in their businesses, they often don’t have an exit strategy (according to the Q3 Market Pulse Executive Summary). There’s no plan in place for what to do when the time comes to leave the helm. This is obviously a risky mistake as you could be forced to leave an enormous amount of money on the table if forced to sell unprepared.

I’m not planning on leaving my business for a long time, why do I need an exit strategy?

Every single business owner needs an exit strategy from day one because life has a funny way of getting in the way.

You might want to own your business until your retirement years, but what if a family member in a different state suddenly needs you to relocate to help them through a medical emergency? What if your children and grandchildren live across the country and you decide you’d rather be closer? What if you have your own medical issues that keep you from your daily duties in your business for an extended period of time? What if there’s a major market issue, like a pandemic, that essentially halts your ability to keep your business in the black? What if you get too burned out from the daily grind and want out decades before you initially thought you would?

There are a lot of ways that life can get in the way of your long-term goals for business ownership, and the best way to protect your massive investment of time, energy and money is to have an exit strategy from day one.

Put together your game plan if you had to sell your business tomorrow. Keep your books in order. Talk to a business broker today about what your business would need if you had to implement your exit strategy suddenly, then follow through on that advice. Plan ahead so you’re ready if life gets in the way.

Do you currently own a business and would like to know more about how to put an exit strategy in place? Would you like to know more about how we help clients prepare their businesses for sale? Ask us! Leave any questions or comments and we would be happy to help.

Michael Monnot

941.518.7138
Mike@InfinityBusinessBrokers.com

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First impressions matter. When it comes to selling your business, the optics and condition of your physical location will play a pivotal role in making a lasting impression on potential buyers. If you are serious about selling your business you need to ensure that your physical location looks its best.

Here are some thoughts on how to get it ready:

The first step in preparing your physical location is to ensure it is clean, well-maintained and aesthetically pleasing. Consider investing in a thorough deep cleaning of the premises – including floors, walls, windows and all equipment. Address any necessary repairs such as leaky faucets, broken lights or chipped paint. A well-kept location reflects positively on the overall state of your business. Why?  If you’ve let aesthetic issues slide it can make buyers wonder what else you’ve ignored.

You might be a horizontal filer and know where everything is in the piles of junk littering the corners of your business – but when the time comes to sell you have to understand that a cluttered and disorganized space can be a major turn-off for potential buyers. Streamline your physical location by decluttering areas, removing unnecessary items and organizing storage spaces. 

Take some time before your business is listed to create a comprehensive inventory of all assets and equipment included in the sale. Provide detailed information about their condition, age and any warranties or service agreements. This documentation gives buyers a clear understanding of the tangible assets they will acquire, and this mental inventory of what you’re selling can help you see what needs cleaning and/or maintenance before buyers come through. 

Don’t forget that it’s not just the inside of the business that matters. Curb appeal can significantly impact a potential buyer’s perception of your business. Invest in exterior improvements like landscaping, fresh paint and well-maintained signage. A visually appealing exterior has the same effect that a well-maintained interior does – it tells buyers that you take good care of all aspects of your business. 

Getting your business’s physical location ready for sale requires careful attention to detail and a focus on presenting the space in its best light. A clean, organized and visually appealing space enhances the overall perception of your business and its potential. 

Have you considered selling your business and want advice on what you need to fix or replace before you list your business for sale? Do you have questions about what types of feedback buyers give after seeing physical locations for the first time? Ask us! Leave any questions or comments and we would be happy to help.

Michael Monnot

941.518.7138
Mike@InfinityBusinessBrokers.com

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