Just like launching a business requires proper planning, selling a business too needs proper exit planning strategy. Usually business owners remain so busy in handling day-to-day business activities, that they don't get ample time to draw out an exit plan. Here are a few tips that will help you in creating an effective exit planning strategy:
• Before you decide to sell your business, you need to figure out what assets of your business you wish to sell. As apart from physical assets, a business also includes client lists, trademark and goodwill. So be clear about what you plan to sell.
• No prospective buyer will buy your business if it is not in good condition. So make a little extra effort to keep everything up-to-date. Make sure all the financial documents are updated, inventory is full and keep the premises clean.
• In order to get maximum profits on sale of your business, generate maximum revenues. After all, buyers are interested only in those businesses which guarantee great revenues in future.
• In order to draw potential buyers, make sure you don't have any pending liabilities. And if there are any, make sure you reduce your liabilities as much as possible. And settle any lawsuits if any.
• For proper guidance on exit plan, it is best to join a CEO peer group in Atlanta or anywhere else where you get to meet other CEOs, COOs and presidents with whom you can share your problems and new ideas and get honest feedback. Becoming a part of a CEO conference or executive business coaching gives you the opportunity to meet with the people who have years of experience behind them and can offer you practical advice on chalking an effective exit planing strategy which will be profitable for you.
• Before you decide to sell your business, you need to figure out what assets of your business you wish to sell. As apart from physical assets, a business also includes client lists, trademark and goodwill. So be clear about what you plan to sell.
• No prospective buyer will buy your business if it is not in good condition. So make a little extra effort to keep everything up-to-date. Make sure all the financial documents are updated, inventory is full and keep the premises clean.
• In order to get maximum profits on sale of your business, generate maximum revenues. After all, buyers are interested only in those businesses which guarantee great revenues in future.
• In order to draw potential buyers, make sure you don't have any pending liabilities. And if there are any, make sure you reduce your liabilities as much as possible. And settle any lawsuits if any.
• For proper guidance on exit plan, it is best to join a CEO peer group in Atlanta or anywhere else where you get to meet other CEOs, COOs and presidents with whom you can share your problems and new ideas and get honest feedback. Becoming a part of a CEO conference or executive business coaching gives you the opportunity to meet with the people who have years of experience behind them and can offer you practical advice on chalking an effective exit planing strategy which will be profitable for you.
