If you are like most business owners, the prospect of selling your business to retire or do something else is daunting and full of the unknown. In brief, being aware of the key steps to get your business sale-ready well before you decide to sell, will enable you to realize an optimized return on the sale or transition of your business. Having an accurate picture of your personal and business options means you have a better outcome. (Learn more at Buildex session: A-Z of selling your business)
Six vital steps for a successful succession
1. Goals Assessment
What’s important to you: business, personal & family goals
2. Financial Needs Assessment
How much do you need or want for Retirement?
3. Business Valuation
What is the value of my business now, as compared to others?
4. Exit Options Analysis
Determine what’s right for you: sell, partner, grow or keep your business
5. Net Proceeds Analysis
Different structures may lead to preferred outcomes. Compare possible after-tax returns.
6. Action Plan
Build value in your company through a prioritized task list with responsibilities and KPI’s
If you are attending BUILDEX on Thursday, February 16 sign up for session T37: A-Z of Selling Your Business for Maximum Dollar [Professional & Personal Skills Development]. I’ll be presenting with Arthur Klein and Ron Coleman, attendees will be shown what preparation is necessary to start towards transaction readiness; contractors will also be shown the steps to increase the value of their business, how long it takes, and the value drivers that will affect their future value the most. Finally, owners will be exposed to the sequence of steps to go through the sales process and how to achieve top dollar and actually complete a sale.
“John provides business owners financial planning and other related advice. He has served my family for many years and I believe him to be smart and caring.”
— Paul Cosulich, SIL Industries Ltd.
If you aren’t attending BUILDEX, but want to know more about getting your business sale-ready and yourself retirement-ready, join us at the Exit This Way seminar on Thursday, February 23 at the Hilton Vancouver Metrotown.