November and December are slow times in the business sales world. Deals that are not already in the box face little to no chance of being closed out before the end of the year. That being said, there are still many many things to be done for prospective sellers and those already on the market.
Here are some items to consider as you move forward with your exit plans:
– Get your books and records in order. THE SINGLE most important factor in the #success or failure of a #business #sale is the quality of the books and records. Do not think that you will get your asking price if you can’t prove it.
– Inventory your equipment and look at your capital expense for next year (capex). Look at this issue in light of a pending exit within the next 5 years and consult your broker and financial professional with regard to how to / whether to make that investment.
– Plan for the year to come. The first item of having good books and records should allow you to have a solid look at your business. Analyze your Strengths, Weaknesses, Opportunities, and Threats ( #SWOT ). Your SWOT should help you plan your strategy go forward and assist in firming up your exit plan.
– Touch your customers: Email, Cards, Phone Calls all matter thank them for their business and the opportunity to do business with them in the year to come.
These are just a few of things a #business owner should be looking over. Hopefully you have a good consultative relationship with your business broker and trust and value their input.