So, consider selling your business one day…
As far off as that may seem, it’s crucial to build it as if you are going to sell, right from the start.
Many shrewd entrepreneurs, plan to eventually sell their business for a windfall of cash. For some, this is the goal right at the outset. Even if it’s not your dream, no entrepreneur should rule it out as selling your business can give you a large lump sum of capital, which can then be used for anything you may wish.
I am sure you’re thinking, “But I’m still trying to earn my first dollar! This is the last thing on my mind” or “I don’t even know if I would want to ever sell.”
However, even if you build a business with absolutely no intention of selling it, and even if you never do actually sell, you should still build your business as if you are going to sell it someday.
Why? Because building a business with this mindset will make the entire operation run more efficiently. Greater efficiency translates to reduced effort and cost – therefore more time for yourself and more profit. You’ll be able to see how your business is trending overall, maintain a cleaner financial picture, and implement better standard operating procedures.
Building your business in a manner that would appeal to an outside investor, yes building it as if they would want to be scrutinising it as worthwhile enterprise, will do wonders for your company’s value and integrity, no matter what your end goal may be.
Whether you want to build a business in a more efficient way, or you want to actually sell your asset with a big exit down the road, you will need to prepare. This preparation should be included in your long-term business plan as we all know that preparation is the key to success – whether you choose to sell or not.
Watch this Google Places Video.