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The "Succession Plan", sell your business while you can

Posted by Paul Visokey

Mon, Jan 16, 2012 @02:54 PM

Any business owner must consider the implications of selling a business at some future point. And it is best to be completely prepared.  Even if you do not expect to sell your business, you should create a plan for that possibility.  And you should also know what proceeds you could expect to generate were you to decide to sell your business right now.  That plan will give you all the information that you as an entrepreneur need to evaluate all of your options.

Why do you need a succession plan? 

For most businesses, there comes a time when the business should be sold.  Estate issues, inheritance taxes, no heir to run the business, an illness or a wide variety of other issues can make selling a business the wisest or only thing to do.  When that happens, you need to be prepared.  You should start the planning now.

What do you need to do to prepare?

Prepare your financials to be completely accurate and “bullet-proof”.  Is your CPA adequate to the task of preparing statements that will meet the scrutiny of a potential buyer?  Do you need a full audit, or are write-ups adequate? 

Make certain that all operational details are functional.  Critically evaluate all staff, space, inventories and other working parts of your business to see what holes need to be filled.  Create a plan to correct any shortcomings that you see.

Inventory all of your assets.  Do an inventory of your fixed assets as well as products for sale or in process.  Make certain that the figures synch up with the figures you are carrying on the books.  The value and condition of assets can make a difference when you are selling a business. 

What are your next steps?

Download a guide to selling a business to give you a little guidance on preparing.

Finally, it is wise to look for competent advice.  Selling a business can be a once-in-a-lifetime event.  Seeking the advice of a firm that buys and sells businesses every day will help you maximize the value of your sale. 

Whether you want to sell today, or just plan for an eventuality, call the experts at http://www.stonyhillbusinessbrokers.com.

  

Topics: Business For Sale, Selling your business, business planning, Trusted advisors

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Do you own your own business?

The US economy is driven by entrepreneurs - small and mid-market businesses, more than 20 million of them, many of them privately-owned. It is often difficult for owners to convert all of their hard work and ingenuity into an equity event. It is a complex and time-consuming process. Stony Hill Business Brokers has the experience and expertise to assist with selling a private business successfully.

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Is it time for a change?

All of the partners at Stony Hill Business Brokers have been entrepreneurs in private businesses and have had experience managing and selling their businesses. We understand the grind of running your own show and the uncertainty of getting the most value for the business.

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Are you looking for guidance?

We have particular experience with the small business market in eastern Pennsylvania, New Jersey and Delaware. We can provide advice on preparing a business for sale, even years in advance. We can help buyers find the right business for their circumstances. And we advise both sellers and buyers throughout the process to assure a quick, smooth transfer of ownership.
Do you own your own business?

The US economy is driven by entrepreneurs - small and mid-market businesses, more than 20 million of them, many of them privately owned. It is often difficult for owners to convert all their hard work and ingenuity into an equity event. It is a complex and time-consuming process. We understand the grind of running your own show and the uncertainty of getting the most value for the business. Stony Hill Advisors has the experience and expertise to assist with selling a private business successfully.
Are you looking for guidance?

We have experience in the small and mid-market business market with companies having revenues from $1M to $50M . We can provide advice on preparing a business for sale, even years in advance. We can help buyers find the right business for their circumstances. And we advise both sellers and buyers throughout the process to assure a quick, smooth transfer of ownership. In some instances, the parties to a transaction locate each other through informal industry or personal channels. These transactions include sales to unrelated third party acquirers, as well as management, family and partner buyouts. Stony Hill Advisors is frequently engaged to structure these transactions and navigate the many issues requiring attention from the initial stages to the consummation of the transaction. Often Stony Hill Advisors is engaged to provide Exit Value Planning to prepare a business for highest value when it is time to transition.

 
Are you interested in buying a business?

Stony Hill Advisors assists companies, entrepreneurs and corporate executives develop and execute customized acquisition strategies designed to result in successful acquisitions. We will find a unique business that is not necessarily “on the market”, resulting in a cost-effective acquisition.

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