So, you want to sell your business.
Obviously, you want to maximize your selling price.
You also want to make a clean break without being tied-down to long-term employment agreements.
You want your cash upfront without a lot of terms-and-conditions that can put your proceeds at risk.
So, how can you get what you want?
The answer is to think like the buyer and then to truthfully and honestly give them exactly what they want.
First, your numbers have to make sense. If you haven’t already done it, it’s time to get your accountants and business broker involved.
However, as they will tell you, prospective buyers want more than just a clean set of books and attractive financial statements. They also want turnkey operations with systematic and well documented procedures. They want an experienced team who really cares about your business and knows how to work together. They also want you to justify your asking price by sharing your strategic roadmap for your company’s continued growth and their return on investment.
BUT, here’s the problem…
If you are like most business owners, YOU are your business. Your company’s policies, procedures and plans for the future are locked in your head. This makes prospective buyers very nervous. They will worry that your company’s continued success is too dependent on your continued involvement. They also worry that a key employee, or two, or three, or MORE will leave with critical and hard to replace knowledge
Buyers will often offset this additional risk by lowering their offer-price or by adding a list of unacceptable terms and conditions that can delay your payout and bind you to long-term employment agreements.
So what do you do?
You need to re-organize your business in a way that it’s not dependent on you or specific people doing specific work.
You want your buyers to be confident that your business operates like a finely tuned machine that basically runs itself.
The more confident they are that you are irrelevant to day-to-day operations and that you’re your people are plug-and-play, the more likely you are to sell your business for its maximum selling price.
This makes sense, right?
It is exactly what you would want if YOU were the buyer.
So, how do you accomplish this?
ManageHub offers you the following 4-step process.
Step #1: Take the FREE ManageHub Success Score Assessment to identify your gaps.
The ManageHub Success Score is a comprehensive assessment that analyzes your business using six Baldrige-based dimensions: Leadership, Strategy, Customer, Workforce, Operations, and Measurements.
The Success Score was developed in collaboration with the Alliance for Performance Excellence. The Alliance is the outreach arm of the U.S. Baldrige Performance Excellence Program, the worldwide standard of organizational excellence.
The Success Score Assessment generates a detailed 25-page report that identify your management gaps and suggests action steps to fill your company’s gaps.
There is nothing “guru” about the Success Score report. It simply measures the maturity of your business based upon the most respected management principles.
Use the Success Score to look at your business critically, from the point of view of your prospective buyer. Your objective is to develop a prioritized improvement plan that proactively fills gaps that might result in a lower selling price or undesirable terms.
Step #2: Join the ManageHub Accelerator to implement a systematic improvement plan.
The MangeHub Accelerator is a practical, hands-on, Baldrige-based, 4-Part on-demand video workshop series. It’s designed to help you quickly fill gaps identified on your company’s Success Score survey.
The first two workshop sessions focus on process documentation and improvement. The third session covers strategy and the fourth session shows you how to improve employee engagement.
The ManageHub Accelerator is a wonderful opportunity to jump-start your business optimization project that prepares your business for sale.
Step #3: Use ManageHub Software to wrap your business up like a beautiful gift that you are delivering to prospective buyers on a silver plate.
ManageHub is enterprise-class software that manages your people, processes, and strategies.
ManageHub works by organizing your business into process workspaces. Each workspace is used to document and improve the know-how of performing each process.
Imagine the reaction of prospective buyers as you use ManageHub to give them a virtual tour of your business
Watch their eyes widen as thy begin to realize that you have well-documented operating systems.
Suddenly, your business doesn’t seem so dependent on you or key employees.
Everything they need to assume management control of your business is just a few clicks away.
Their confidence levels rise.
Your negotiating position is strengthened.
The value of your businesses soars.
Step #4: Engage a ManageHub Coach to To help you quickly “package” your business for sale.
Your ManageHub Coach will guide you through every step of your business improvement project.
They can also serve as a trusted, and independent resource for buyers wanting outside help managing a successful transition.
So now you have it… The four steps to selling your business for its maximum price.
Start now by taking the ManageHub Success Score Assessment. But, brace yourself… It will likely uncover some really serious gaps. That’s OK. In fact, that’s what you want. Because, a little time spent filling those gaps now helps you achieve your goals of selling your business for its maximum price while avoiding deal-breaking terms.
Visit our website to watch the 5-minute video:
Would you like to become a ManageHub Coach?
If you are a business coach or professional who wants to learn how to become a ManageHub Process Coach please visit: https://managehubaccelerator.com/become-a-managehub-coach You will receive everything you need to get started. ManageHub is a simple, practical, turnkey solution that complements and enhances all the wonderful work you currently offer.
If you have any questions, please contact me directly.