Getting Your Business Ready for Sale
“Don’t wait until you hit the wall before you sell,” says Ronald Schmaedick, CRB, of Eugene, Ore. Schmaedick is a consultant on the purchase and sale of real estate companies. He’s also an associate broker with Realty Executives, which he sold to his daughter in 1996. Try these tips from Schmaedick before you sell.
- Make it look like you're at the top of your game. Spruce up your office just like you would a house you’re trying to sell.
- Document your processes. Buyers will find your company more attractive if they can easily understand your business operations.
- Have an accountant review your books to be sure that they follow standard accounting practices and are error free. Even minor, unintentional errors could shake a buyer’s faith.
- Keep your salespeople focused and motivated. You don’t want sales to fall now.
- Implement a new marketing program to raise your company’s profile. Visibility and name recognition are some of your business’s greatest assets.
- Guard against costly expansion strategies that reduce current earnings and will not yield profits until you're out of the picture.
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