When is the right time to sell your business?
As an accredited adviser of Succession Plus, I find it so rewarding to help business owners improve their business and its value, by getting clarity around their vision, improving employee engagement and productivity, introducing systems, processes and a performance dashboard, and then ensuring they achieve their goals and objectives, both business and personal – effectively get their business ready for sale, whenever that may be.
Shortly thereafter, he got approached to sell his business and as a result of understanding the value of the business, he was able to negotiate from a position of strength. He has now deferred a sale for at least 12 months to build the value, in fact, he now feels less pressure to sell and is more motivated to keep operating the business – he has more choices.
We also challenged their financial reporting, which has led to more accurate and timely reporting with a focus on targets for the key drivers of the business. His profit target for FY20 is 3 times the FY19 profit, and very achievable!