“Selling a business can be the largest and most important deal of an entrepreneur’s career. Whatever prompts the sale – illness, age, partner disputes, financial hardship – selling your business is a high-stakes transaction, with far-reaching financial and emotional consequences.
In the best of all worlds, the owner begins to prepare his or her business for sale at least one year, and preferably three years, in advance. Start by assessing financial books with an eye toward creating audited financial statements that illustrate the company’s revenue and growth potential. ”
– This may suprise some but you should be planning one to three years in advance for the sale of your business. Much of the advice about keeping a clear track of your inventory, documenting your procedures, keeping good books will allow your business to be more successful, as well as more attractive to buyers, in case you decide that you don’t want to sell. In fact, most of the things that you do to prepare for a sale are what you should be thinking about and doing when you first set up your business and the rest you should be doing as you run your business. Naturally, many people are lazy and just don’t know about these requirements but that’s not you. Or is it? -ed.