If you sold your business today would you make a profit?

Unfortunately the answer most likely would be no! Statistics show that 90% of business do not sell and those that do, very few achieve a price anywhere near what they asked.  Also those that do sell feel compelled to sell at a price that is an inadequate reward for the many years of effort, energies and risks of being in business.

Unfortunately, the end result is often a disgruntled owner who counted on a lot more money from the sale of the business to fund their future lifestyle.

But we need to ask ourselves why?

The reasons are like most things, quite simple;

• The owner was not ready to sell
• The business was not ready to be sold
• The expectation of the owner was unrealistic
• There was no clear exit plan
• The owner received poor advice throughout the sale process.

If you want to achieve a significant profit on the sale of your business and achieve the ultimate compliment “the knock on the door,” then you need to follow these steps;

Step 1 - Allow time. Did you know it takes on average 2-5 years to sell a business

Step 2 - Build a team of specialist advisors starting with a business improvement specialist

Step 3 - Undertake a sale ready audit including both the owner and the business

Step 4 - Develop a sale ready plan

Step 5 - Measure performance

Step 6 - Implement your plan

Step 7 - Ensure you have accountability

Step 8 - When the business is ready, develop your exit plan

Step 10 - Implement your exit plan

Step 11 – Enjoy life's next journey.

Every business owner has earned the right to receive a profit on sale that reflects adequate reward for the effort, energy and risks of being in business.

If you want to maximize the profit on sale, don't wait until you’re ready to sell! Start the process now.

If you need assistance with this process, SBA can undertake a complimentary sale ready audit on your business to get you started. All you need to do is contact me at phil@sbasuccess.com.au