Build a Business, Sell a Business – Part I

Sales are critical to business. Without sales, you don’t have a business, you have an hobby (and sometimes,  a very expensive hobby!)  In the struggle over  day-to-day sales and annual profit plans, it’s easy to lose sight of the biggest sale in the life of your business – the sale of the business itself.

“But I have no intention of selling!” you might be saying. Think again. At some time, you and your business will part company. You might liquidate the business, or bequeath it to your children, or turn it over to others, but regardless of the circumstances or the money involved, a “sale” or a “sale-like-event” will occur.

Like death and taxes, business transition is inevitable, and like death and taxes, business transition can be overwhelming.  Whether you foresee a sale in the near future, or are intending to hold and grow your business for a longer term, now is the time to begin planning for the ultimate sale.

Looking toward the ultimate sale can have an impact on every aspect of your business today – from your positioning in the marketplace to your processes and structure and much more.  Take steps now to maximize value and establish the operational basis for a smooth transition.

How marketable is your business right now? Would it fetch what it is truly worth? How much of the business is dependent on you, personally?  In future postings we’ll explore simple, practical ways to build a business to sell a business.