Have you ever wondered what the owners role is in selling the business? This sounds straight forward, huh? Well the owner needs to continue building the business while the sale takes place. The Exit Planning Process, done right, can take time. During the initial phase, you must access the potential selling price relative to the desired price. Then programs should be designed and implemented to achieve the desired price. Once these steps are implemented, the owner needs to continue to develop the business to avoid any decline in the sales price. It’s not uncommon during the due diligence process involved with selling a business that the distraction of the process itself leads to a decline in the profitability and the ultimate sales price.
So how do you overcome the distraction of the due diligence process?
The first critical step in selling your business is to retain an effective Success Team as outlined in The Exit Strategy Handbook. Depending on your circumstances, your team needs to include an Investment Banker or Broker, Attorney, Tax Specialist, Auditor, IT Specialist, Wealth Manager, Appraiser, Insurance Advisor, Banker and Key Employees, not to mention a trusted B2B CFO Partner who acts as the overall team manager.
B2B CFO now offers Exit Planning dashboard software to assist in the planning and execution of the sales process. Our experience and process will help navigate what can be a very disruptive time. If you would like a free demo of this software or a copy of The Exit Strategy Handbook, please give me a call or send me an email.