Preparing your Business for a Sale, part 4
Updated: Jun 9
Have you planned for the future of your business? As a business owner, you support the livelihoods of all of your employees and their families. It’s important to have a plan for the future of the business, to keep it running after you’ve moved on. That's an important thing to me -- part of the reason I got into this business of helping owners prepare their companies for sale.
I volunteered for charities when I was young. I found that one of the most important ways to help people was to provide jobs for them. People need to have their own source of income. Most people really do want to work to sustain themselves and their families.
If you’ve given your employees these opportunities to support their families, it would be a shame to see a buyer not succeed with your business – and perhaps have the business shut down.
I really want to keep businesses alive, keep those jobs alive, and keep the customers and the suppliers happy. That's a part of my passion for this business. And I think most business owners care about their legacy – what will happen when they’re no longer involved.
What will your legacy be? If you think about your legacy value, you should want to see the business successfully sold when the time comes.
You don't want to die behind your desk, and then leave people struggling to keep the business afloat -- or just plan to close the doors.
If you're not planning to sell your business (or pass it on to the next generation), I say you're planning to die behind your desk.
That may not be exactly true but failing to plan is planning to fail.
If you care about the legacy and the future of your employees, then that legacy requires you to walk out the door some day. (And maybe the best thing to do is to get a big check for it on that day!)
Start preparing your Business for a Sale today and shape a legacy of success. If you start to plan now, we can try and build the value of your business now.