Buyers want to know a business can work without its current owners and the best way to demonstrate that is with a systemized and procedure driven operation.
Arguably the best time to sell your business is when you know it can operate entirely without you – that’s when you know it’s been properly systemized.
Systems and procedures are absolutely key to a successful business. They are even more key to a successful business sale.
In an ideal world your business will have clear written procedures, processes and training – all documented and recorded.
This can be in written form or video tutorials (often quicker than writing long folders of documents).
It’s also vital to keep these updated.
If the business can run without you, then it’s a good buy for any investor or business buyer.
There are many types of business income but by far the most attractive to business buyers and investors is long term recurring income.
If your business relies on having to sell something every hour, every day, every week or every year then you are only ever as good as your latest sales figures.
Business Valuations Perhaps the most beneficial thing you can do to maximize the value of your business is to get your books in order. That doesn’t mean they need to show a great performing business but they need to be clear, understandable in good order. Financial accounts will be carefully examined by any potential buyer…
