An old boss of mine always used to tell me that you never know when someone will come in off the street to buy your business, house, car etc and you should always have everything ready for sale to maximise your return…
So, thinking with the end game in mind, here are 9 ways to add value to your business:
- Position it in a clearly defined niche
- Coach your team to run the business without you
- Make an organizational chart of how your business will look when it’s time to sell it.
- Build relationships with customers
- Make sure you’re stable (e.g., not overly dependent on any one customer, vendor, employee, or anything else)
- Maximize your revenues
- Hold expenses accountable
- Keep great records for the next owner
- Develop a business plan to get you to the point where you’ve achieved your goals and the business is ready to sell.
