4 Critical Considerations for Preparing to Sell Your Business

It’s a heck of a lot easier to start a business than it is to sell one.
— Mark Stroud, Founder of Lamination Services

Mark had not even considered selling his business until his accountant made the recommendation. Frankly, the recommendation shocked him.  As I facilitated the latest discussion in The Succession Planning Roundtable series, Mark Stroud spoke candidly about what selling a business is really like for an owner.  I felt compelled to climb on the roof with a bullhorn and shout out his insight for all business owners to hear:

  • “The fact that I didn’t have to sell made all the difference. This wasn’t a fire sale.”
  • “Have a succession plan in place first, then choose when to implement it.”
  • “Be clear on what your specialty is. Usually it’s running your business, not selling it. I had to start getting my feet wet with the sales process and make a bunch of mistakes before I realized I better get some help.”

The advice I heard from Mark:

  1. Get counsel from trusted advisors who can help you start the process.
  2. Ensure support from your spouse and your family.
  3. Keep great records. Run a clean business. It gives a lot of legitimacy and a great core to build from.
  4. Don’t wait until it’s too late and you are forced into a fire sale.

If you are thinking of selling your business and don’t know where to start, simply start at the top:

Have a confidential conversation with a trusted advisor whose advice you can depend on. It would be an honor to hear from you…