If you’ve been successful in your business, your efforts have crystallised into a worthy possession, then this would have been the ride of your life. Maybe you think the time has come to loosen the grip and let others take over or just feel that its time to come out now or you just need capital for a new venture.

The reasons may vary greatly, but you certainly demand a reasonable price for your business and you tend to put forward all the potential strengths and pitfalls in front of you and design a selling strategy.

Sell with a reason

A sale should be made with a right reason attached to it. The idea of a sale with the intention to raise finances for other obligations is not successful with people. The need to pay off a mortgage or pay for college expenses or moving to another location is not a positive selling point. In such cases, a healthy deal does not materialise. Sometimes, a price war leaves the matter unsettled. A compromise is essential, neither the seller nor the buyer will get his way. In addition, attach a good reason, to the sale. Flexibility in terms and conditions will help you get you close to the desired value.

Work up the books

Don’t let your documentation pull you down the drain. Your business records are your best weapons in luring prospective buyers to you. Generally, a plan to close the business or passing it on should be envisioned at least a year or more in advance, depending on the size of the business. Your objective should be to raise the value of the business in the market and within. Start by assessing the business records with a view to create audited financial statements illustrating the company’s revenue and growth potential.

The most recent financial year results are critical when a buyer is evaluating a business because purchasers are most concerned with the business as a going concern. However, an analysis of the previous years reflecting the full potential of the business is preferred, it will assure the buyer that your demand is legitimate. The business should present the picture of not only a profitable one but also a cash generating one. Avoid drawing high perks in the last years of the business.

Revalue your fixed assets and re-examine your depreciation policy. It should reflect the true worth and life of the asset for the business. Assess the need for high levels of inventory, if maintained, to the company. The current trend is to keep a relatively low level of inventory, such as the just in time system. Design a unilateral policy for all debtors and creditors of the business. If you have certain verbal or hand shake agreements with some of the customers or vendors, document them. Moreover, ensure that no agreements need renegotiation or renewal as soon as you sell the business.

Sell the business, not the garbage

Some old techniques need modification and modernisation. Buyers tend to refrain from companies belonging to the medieval era. Automate your accounting system. This should also monitor inventory levels and avoid quantity higher than the minimum requirement. You should also venture into e-commerce if the nature of your business requires. This will surely fetch a higher price compared to the previous estimation.

Keep your employees on your side; the sale should be fair to them. The loss of any key employee can be crucial to the deal and the probable success of the new owner. Disclose your intention before it leaks out and distrust develops. This will ensure a smooth transition and the new management will consider it an added advantage in the deal.

Before you invite your potential buyers, make a few amendments to the outlook of your premises. A well-furnished and organised office realises a good offer. The first impression should be a killer, remember the rules of engagement in a sales presentation. Every word sells. The greener picture depicts a higher future yield than the present. The image should be close to reality to give you what you want. Usually, a buyer would prefer a personal investigation, despite the presentation of an audited report. Don’t worry, let the buyer be satisfied.

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The recipe for success boils down to four ingredients that can help any small business deliver a stand-out experience. The key is catering to what’s most important to your customers and employees.

Here’s the recipe: First, keep your eyes open for good ideas from unexpected sources. Second, take care of your customers by having the best people and processes in place to serve them. Third, create a great work environment for your employees. Finally, blend optimism with pragmatism.

Good Ideas from Unexpected Sources: Obstacles can often lead to your best ideas. Listening to client grumblings is a wonderful way to learn of improvement areas. Loyal customers will be quick to mention ways that their lives can be improved. Don’t make the mistake of ignoring these customer comments. Take action. Whenever you can find a way to take the hassles out of someone’s life, you’re on to something.

Your Customers Deserve Only the Best: When you get to the point where you can’t be the one talking to your customers anymore, don’t skimp on who you hire to do it for you. Take the time to find, hire and train the best, and your customers will reward you with their loyalty.

Empower your new employees through adequate training so that they are prepared to proactively handle customers’ needs from start to finish. Most training involves an employee handbook, some customer service tips and a pat on the back. Really preparing employees to add value to the customer’s experience is more difficult and costs more time and money. Even a basic training program that focuses on your company’s philosophy and culture, and teaches employees to wrap customer service into an experience representative of that culture, will start your new hires in the right direction.

Setting employees up for success is only the first step. Keeping a pulse on the customer experience, and specifically how employees are delivering that experience, is essential to maintaining a happy customer base. Act swiftly when you discover an employee violating your core values and compromising your brand.

These days, it’s essential to leverage technology and develop the systems that make it easy for your customers to do business with you. The small things do matter, from how you handle the details of their interactions to the consistency of your product and service. The investment in developing or adopting the best processes and tools for your employees always pays off.

Make a Great Place to Work: One of the best things about being the boss is getting to choose who to work with and how to work. Attracting and hiring talented people should be a priority. Know what values or competencies you wish to see in your employees. Note important qualities necessary for business success and don’t compromise.

Weed out low performers because they will drive out your high performers. If you’re going to go to the trouble of identifying and hiring high performers, you need to be sure that they are supported by co-workers who share their resolve and desire to succeed.

Finally, find out what’s rewarding to your employees and create an environment that keeps them engaged and committed. Often the best perks are the easiest to provide. If your company participates in charitable giving of some kind, support those causes that your employees care about the most. Empower your employees by training them and trusting them to make important decisions that align with your mission and values.

Mix Optimism with Pragmatism: Through an unlikely marriage of optimism and pragmatism, you can accomplish the impossible. As an optimist, ignore the naysayers. As a pragmatist, tread carefully. Take one step at a time with hard work and patience. Stay focused on your vision of what’s possible while staying grounded in the needs of the hour. Try to reflect this mindset in every area of your organization.

Keep your eyes on the prize while staying realistic on how you’re going to win it. Most importantly, know why you want what you’re striving for. If your business truly reflects your ideals, your optimistic goals are within reach.

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The study, “Exiting Your Business: Serendipity or Strategy,” found that interviewees who didn’t have an exit plan were not able to respond quickly enough to changing markets and ultimately had to shut down their businesses.

It’s hard to think about giving up your life’s work, there may be times when it’s necessary. More importantly, it’s even more crucial to *plan* an exit strategy as it is to execute one.

The study gives some good advice on how to craft a small business exit strategy:

* Run a business every day as if it is for sale.

* Be aware of your goals and parameters by knowing what is acceptable for you in a sale.

* Don’t publicize prematurely to employees and others that could be affected that you’re considering a sale. When you’re ready to sell, be decisive.

* Get buyers’ promises in writing and find a buyer who shares your vision. Include conditions of the business and the sale in the sales documents.

* Develop your own investment and insurance portfolio separate from the business.

Are you ready to exit your business if need be? Tell us about your exit strategy.

Do you know when to head for the exits?

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