Selling Your Business – Thinking Ahead Makes You Money

People often ask us: When is the best time to sell my business? The obvious answer is when your business is worth the most. But when it comes to selling your business, it’s more nuanced than that. It’s time to sell when you’re ready. Or when you’ve lost interest, a solid buyer comes along, or when outside interest in your business appears to be hitting a significant peak. Or, or and or…

No matter what the answer is for you, selling your business is something that should be on your mind from the very start. When people ask us when they should get ready to sell, we’re only half joking when we say ‘yesterday!’ Decisions you make early on will likely affect the sale price and your ability to sell.

As your business grows, you must put into place systems that can independently run when you’re not at the helm. As we’ve discussed, that’s part of a strong exit strategy. (It’s also a way to make sure you can take a proper vacation!) Now is a great time to get your business working for you – rather than the other way around.

We’re living in the digital revolution. Top business experts at the Business Development Bank of Canada say the new industrial revolution affords businesses great opportunity. Digital advances can be used to create systems that help with accounting, field reports from staff, and tracking warehouse inventory. Those kinds of innovations can help cut costs and – just as importantly – create systems that make transitioning a business easier for the buyer.

That’s the kind of thinking that will increase the sale value of your business when you’ve decided it’s time to sell. Having systems in place early will also mean you’re able to sell on a dime, so to speak.

Maybe you are not thinking about selling now. You may be fully occupied with how you’re going to grow into the number one player in your market. You got into business to make a profit every day, every week, every month, and every year. However, you also build your own business to sell someday.

Never lose sight of the end game. To learn more about trends affecting Canadian businesses, click here.

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