I’ve seen owners fail to sell or transfer their business for many reasons.
- Not enough time deciding what they want.
- Not enough time making themselves nonessential to the business.
- Not enough time maximizing profitability.
- Not enough time qualifying buyers.
- Not enough time communicating their intentions to their children.
- Not enough time cleaning up financial statement procedures.
- Not enough time fixing entity structure, tax, and legal problems.
- Not enough time testing their expectations.
- Not enough time figuring out how much they need.
Over and over, “not enough time…” Owners often spend so much time running the business, they run out of energy to exit the business. How do you solve this? If you’re hoping for magic, I will disappoint you. The good news is I don’t think the solution is putting in more time. It’s reallocating the time you already have. These recommendations will increase your chances of success.
- Schedule recurring blocks of time on your calendar
- Set the blocks early in the day
- Make them non-negotiable and uninterrupted
- Break large goals into small tasks
- Delegate your work to company staff
- Upgrade staff where necessary
I cannot give you a “do this and then do that” format because I don’t know your goals or all the variables in your business. You will save time if you work with someone who has done this before. There will be mistakes, dead ends, frustrations, and then a path will emerge. What you see at the end of the path may be locking the doors and walking away with nothing or a multi-million dollar exit. I can’t say which, but I can promise if the time isn’t scheduled and made top priority, you are unlikely to reach your goals. Today is a great day to start.
Josh Horn, CPA, CVA
Horn Valuation
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