If you are thinking about selling your Florida business it is important to have an exit plan. As Benjamin Franklin said “if you fail to plan then you planning to fail”. The same is true when it comes to selling a business and creating an exit plan. Many businesses never sell because the business owners never made the plans to build a business that could easily be transferred. If a business owner has an intentional plan to build a business that can be successfully sold, this could very well be one of the owners biggest assets and make for a financially healthy retirement. There are a number of key factors that a business owner should take into consideration whether they are looking to sell today or in the future.
One of the biggest factors for buyers is not only the financial performance but also how well have the sales and revenues been documented. Businesses that have well-kept books & records and can provide financial statements, tax returns and offer well-documented revenues are far more likely not only to be sold, but will most likely sell for much more than those with undocumented or unreported revenue.
Another important factor is building a business that can operate without you. If you are a business owner looking to sell it is important to have properly trained employees and management in place. This will make it much easier to transfer the ownership of the business.
Other key factors include growth and diversification. Businesses with an upward sales trend are far easier to sell than those with declining sales. It is important for a business owner not to take their foot off the gas until the business has been sold. Far too many business owners will wait too long or start letting the business decline because they are getting older or don’t have the drive they once did. The best time to sell is always on the uphill. Customer, product and revenue diversification can also have a huge impact on whether or not a business will sell and for how much.
Consulting with a business broker at Truforte Business Group is an important part of exit planning. Our brokers have the experience and knowledge to be able to provide a free no obligation opinion of value or provide key insights to steps you could take in order to get top dollar for your business. What are your waiting for? Contact us today or find out more about obtaining an opinion of value!