3 Steps Before Selling Your Business

Good morning. Do you want to sell your company? Lots of entrepreneurs are selling businesses right now, due to the high revenue and profit multiples. Here is what’s happening in the marketplace. 🚀 

Note: I have not sold a company, but some of my clients have gone through exits or partial exits with great success. I’m just sharing what I’ve observed.

Building To Sell

The book Built To Sell is something that’s been recommended multiple times. Most companies don’t have the infrastructure to sell. For example, if the founder is extremely involved in the operations, it’s harder to sell. 😆 

You need to actually build systems and infrastructure to sell a company. This includes detailed SOPs that you can plug anyone into. You cannot simply rely on A-players exclusively to figure everything out, without documenting their processes.

Leveraging Technology

I would guess that moving forward, firms will want you to be leveraging the new technology. If you’re not active on socials, building a brand, using AI, and integrating code into your infrastructure, you will likely have a worse shot at selling.

This doesn’t apply to all businesses. However, the more technology you leverage, the more efficient you appear, and the more a firm or buyer can get behind what you’re doing.

All That Matters Is Cash

You can have an ugly business, but if it nets $1M per year profit, someone will be interested. I’ve found that most “big” companies aren’t all that big after all. We hop on a lot of discovery calls with brands that are fronting as an 8-figure company. Yet when we ask about their profit… Crickets. 🦗 

Most founders don’t want to admit their profit margins are low. I see nothing wrong with it. It’s just a signal for you to switch your model, leverage technology, and improve your operations to take home more.

Once you have this stuff in order, head to acquire.com and see if there is an offer in your future. You might be surprised that exiting is the right move for you.

Thanks for reading,

Austin Weatherhead | Founder @ Zunesty

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