Since the COVID-19 pandemic, buinesses have found new ways to establish their business and keep things alive.
The pandemic caused chaos for so many businesses around the globe, that the owners and operators took immediate action. They had to prepare for not the worst, but the best-case scenario. They began taking the precautions of preparing their business to close its doors successfully.
Rarely are companies planning their exit before they are ready to sell. Yet due to the pandemic, we can see the benefits in preparing your company while in good standing.
Almost all people in every field go through their lives like they are immortal and as if there is no end of the game. We all get caught up in the lack of expiration date or ticking clock. Yet accidents, illness and family struggles can happen at any time causing you to need to sell your business quickly. Or who knows, maybe a pandemic will occur and knock everyone off their toes. Ideally, you want something attracting you to leave your business not pushing you away. Every single person leaves their business. Whether it is by choice or due to sudden circumstance, we all leave. Only makes sense to begin with the end in mind! Instead of leaving it as a disaster, leave it in the best way possible.
The typical journey for business owners is they don’t think about selling their business initially. They first think about their great aspirations and goals in life, and then realize that their business can help them get to that. Whether that is selling your business and running with the cash or working hard at your company for another few years to make it a higher price asset for someone to take over, both will get you the same outcome – one just with a higher lumpsum than the other.
By preparing your business to be the ideal company for a buyer, you will by default usually get a higher offer.
Spending a little money here and there to tighten up your loose ends might help you not take hundreds of thousands of dollars in offer cuts when you do sell. But hey, you may have wanted to retire in a condo in Turks and Caicos, come to find out you can only afford a trailer in the Baja; yet maybe that will do the same for you spiritually!
One of the issues of preparing your business to sell it, even if that is not for years in your plan, is that most people do not know where to start. You see your heart and soul in a company that has a couple workable kinks. Talking to a professional can help you turn those kinks into simple solutions to get you more bang for your buck later.
Talk to us today and learn how to start making easy progress so that your business is ready when you are.
CHINOOK BUSINESS ADVISORY | NOVEMBER 26, 2021