The Key Element to Maximize the Sale of Your Business
National Business Coaching and Advisory Firm, Advicoach®, Explains How Creating Systems and Processes Will Boost Your Asking Price
SOUTHBURY, CT - (Marketwired - Nov 26, 2014) - According to BizBuySells, an internet business-for-sale marketplace, in the third quarter of 2014, business owners received the highest percentage of asking price when selling their business since the recession took hold in mid-2008. The market is becoming increasingly more beneficial to the seller, and selling a well run business is becoming more lucrative than it has been in years. Whether you're ready to sell your business or not, it's necessary that your business always be sellable -- making sure that operation can continue without you, the business owner. Starting with the end in mind will ensure a smooth exit when it's time to move on.
"What business owners need to do is, what we call, franchisitize their business," said Terry Powell, founder of AdviCoach, a business coaching and advisory firm customized for small- to mid-size businesses (SMBs). "This doesn't mean that you prepare your business to become a franchise, it means that your business is run so well by systems and processes that anyone, with simple instruction, would be able to run the business with the same success."
In a successful business, there will be inevitably be people coming and going, and you need to have well-documented training manuals, documents and procedures in place to ensure consistency. Ask yourself: What exactly are the current roles of your employees? What are your final responsibilities through the process? How can you most smoothly transfer responsibilities to a new team member? It's essential that each person have the foundation to be equally as successful as the last.
These systems and processes will make your business run more smoothly for you and the purchaser, as well as increase the value as a whole. Building consistency and predictability to results is necessary and generally the way by which success is measured by the new owner - would they able to achieve the same results as you?
"A lot of people wait to sell until they're in financial need or their business isn't doing so well, when in reality that's the worst time," Powell continued. "Buyers want to see positive upward trends in sales to ensure their future success. Therefore, selling when business is good and improving will ensure you earn the highest return."
For more insight on this topic, visit the AdviCoach blog at http://advicoachblog.com.
With more than 30-years of experience in business coaching, AdviCoach is the premier source for business coaching and advisory services customized for small to mid-size businesses (SMBs). The AdviCoach business model is designed to empower SMB owners to increase the productivity and value of their businesses through unique coaching methodologies and the deployment of "Rapid Impact Strategies," ultimately reaching long-term Income, Lifestyle, Wealth, and Equity goals. Part of Franchise Source Brands International™, AdviCoach and its sister company The Entrepreneur's Source dominate $1.5 billion industry with a commanding 33 percent of the business coaching and consulting franchise market in North America. For further information, visit http://www.advicoach.com/.
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