Whether you are ready to sell, buy, or preparing for the future these steps will help you become more profitable and host a more enjoyable work environment. Keep in mind these key principles as you review your business or the one you would like to buy.
Accuracy: Do it for yourself and for the potential buyer. Ensure the reports and data you are keeping are accurate and up to date.
Transferability: How easy would it be for someone else to take over? Think documentation of branding, manuals, and procedures for all areas of the business. We’re talking client/vendor databases, new employee training, tariff reviews, SOP’s, monthly/weekly/quarterly/annual procedures. Whatever makes sense for the business.
Jill's Bakery likely isn't much if it's all based on Jill. The brand must stand on it's own and the loyalties must be toward the company not the owner or employees.
Planning: What would you want to happen within the business if you were staying? A potential buyer would probably want the same things. Make plans to project the future using historical data and industry trends. Create contingencies for potential challenges.