Build Your Business So You Can SELL It
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Key Takeaways
Transform your business to be less dependent on you by focusing on services that are 'teachable, valuable, and repeatable' (TVR) to employees, customers, and for recurring revenue.
Implement a recurring revenue model, such as service contracts or maintenance programs, to significantly increase your business's value to potential buyers and provide a 'Trojan horse effect' for additional sales.
Identify your 'freedom point' and have a clear 'pull factor'—what you want to do next—before deciding to sell to ensure post-sale satisfaction and avoid regret.
Prepare your business for sale by getting all documentation in order, a process referred to as 'dressing for success' or 'pre-diligence,' to demonstrate seriousness and create deal momentum.
Avoid stating an asking price for your business; instead, provide comprehensive data and let potential buyers determine its value to maximize your sale price.
Be wary of vendor take-back deals where you finance a portion of the sale, and conduct thorough due diligence on the buyer's experience and financial capability.
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