Before selling your business, you’ll want to make sure that it can run without you. If it can’t, you will likely find it harder to get a buyer that will pay you what it is worth. To get your business ready to operate successfully without you conside the following.
1. Make sure that all the managerial processes are digitally noted for the new business owner. This includes drafting a workflow chart that notes the role of all the staff. If you can’t do it, consider assigning this project to someone else.
2. This might be a good time to hire an outside consultant. They can help you improve and streamline your operations before putting your business up for sale.
3. Cross-train employees so that they can help to keep the business running efficiently after you turn it over to the new owner. This might also be a good time to promote someone that you can trust to the role of Senior Manager.
Moving From Being An Owner-Dependent Business
The goal is to make sure that your business is not solely dependent on you. Study areas of the business that you have complete control of. Consider delegating some of these tasks to staff members or hiring someone that has a particular skill set.
Contact the Mergex team to ensure that you are well supported !