What I would do if my business was unsellable.

During a recent conference call with my staff, one of my team members asked me a very insightful question: “What would you do if your business was unsellable?” This is a great question because many business owners find themselves in this situation. In fact, almost 80% of the clients who contact us on a monthly basis have businesses that are not ready to be sold. Here are four key steps that business owners can take to make their businesses more sellable:

1. Determine your exit number. The first step is to understand what your exit number is. In other words, how much money do you want to receive when you sell your business? Is it $1,000,000, $5 million, or something else? Once you have determined your exit number, you can work backward to figure out what you need to do to make your business worth that amount.

2. Decide on your timeframe. The next step is to decide on your timeframe. Do you want to sell your business in one year, or are you willing to stay in the business for another 2 to 3 years or even a five-year plan? The timeframe is crucial because it determines how much work you need to do to make your business sellable.

“What would you do if your business was unsellable?”

3. Get outside help. The final step is to get outside help. This can come in the form of a coach or a consultant who can help you identify the changes you need to make your business more sellable. Having someone who keeps you accountable over the next 12 to 24 months is incredibly important. In fact, having a coach has transformed our business, and I highly recommend it.

4. Use the right strategy. It’s important to remember that the strategies you use to run your business are often different from the strategies you need to implement to sell your business. Understand which strategies to use at what time.

By following these steps, you can make your business more sellable and increase your chances of getting the exit number you want. If you need help making your business more sellable, please connect with us by visiting www.rbasells.com.