Preparing your Business for Sale

Most business owners have an exit strategy of some sort – whether its an end game which they’re focussed on, or whether its just a vague sense of what will become of the business once the owner’s tenure is over.

Our standard advice is to always maintain your business in a state where it could be sold.  What that means will be unique to every business, but generally this involves the likes of:

• Keeping a tidy balance sheet and quality financial records.
• Having systems and processes in place and well documented.
• Making sure ownership of intellectual property is clear and that it is protected where possible.
• Ensuring contracts and employment agreements are current and that signed documents are easily accessible.
• Keeping the boundaries clear between the business and the individuals who own or manage it.
• Making sure you can easily demonstrate compliance with whatever legislation applies to your business.
• Ensuring your database and CRM system is up to date and well populated.
• Keeping relationships with key stakeholders positive and constructive.  Key stakeholders will vary from business to business, but think suppliers, referrers, contractors, the bank, key customers, employees.
• Ensuring your branding and marketing collateral is always fresh, consistent and on message – and that ownership of domain names and social media accounts and content is clear.
• Always being proactive about protecting company assets.  For example insurance if fixed assets are a major part of the business – or PPSRs if company owned assets are leased or sold on extended credit to customers – or confidentiality agreements / restraints of trade if your assets are more intangible.

The list goes on the more one scratches the surface.  But in general, a business that is ready for sale is also a business that is efficient, well managed, compliant  – and one which is a good corporate citizen.

Dean Subritzky will discuss the issues around preparing your business for sale – whether you’re looking to sell now, or whether an eventual sale is part of the long game.  This event will be held at the Elevate CA office (level 4, 35 Robert Street, CBD Whangarei) at 8:00am on Wednesday 10 May – and will run through to 9:00am.  It will be a boardroom format, so numbers are limited on this one to six business owners.

As always for Business Owners Forum events, this session will be free of charge and completely free of sales pitches. And there will be a light breakfast and coffee to lubricate quality discussion.

Business Owners Forums are held monthly – alternating between Whangarei, Albany and Newmarket venues.  If you’d like to attend this event, please use the form below before this event fills up – and if you’d like to be included on the invite list for future events, just add your contact details in the box to the right.