It is important to consider proper Transition Planning in order to maximize the value at the time of sale. Legacy will not only help prioritize and launch improvement projects, we will connect you with our Trusted Partners to help you plan for life after your business transitions to the buyer.
Prior to deciding to sell your business, it is important to work with a team of professionals to help improve the performance of your business and ensure that your business is appealing to potential buyers. It is critical to begin preparations for this process (ideally 3-5 years) prior to listing your business for sale. Here are a few specific tips for you to get started:
Begin to streamline and organize all your business records. Potential buyers may lose interest or discount their purchase price if they see that the backend of your business is disorganized. While all the necessary information may be available, your complex accounting practices and “shoebox receipt” strategy may be underwhelming for a potential buyer. To eliminate future challenges in due diligence, take time to organize your accounting so you can produce clean and accurate financial records.
- Clean things up. Not only do potential buyers want to see that you have your business records in order, but they will also want to see the same in your workplace. Physical disorganization and uncleanliness that may not seem like a big deal to you, but can negatively impact a potential buyer’s first impression of your business. Make sure your facilities and offices are clean and any necessary repairs have been take care of before you begin the sales process.
- Meet with the team at Legacy Mergers & Acquisitions. Working with the right group of professionals can make the sale of any business run much smoother. By meeting with us as soon as you start thinking about selling your business, we can establish a game plan early on and help guide you through the entire process.
To maximize the value of your business at the time of sale, it is necessary to make a plan for exiting your business well in advance of when you actually might need to implement this plan. The professional and experienced team members at Legacy can work with you to design a plan that will help to maximize the value of your business. We can help you with:
- Valuing your Business
- Designing a Strategic Plan
- Defining and Launching Improvement Projects
Additionally, we will also connect you with our trusted partners to help you plan for life after your business is sold. This includes:
- Transaction Tax Modeling
- Legal & Estate Planning
- Wealth Planning