It’s old advice: ‘To sell well, you have to think like a buyer’.
If you’re thinking of selling your business, then getting a good price means proving your business has a future without you at the helm. And what better way to demonstrate this than by removing yourself altogether?
Anyone seeking to acquire your business will be keen to understand how your company will look in future years once you have sold.
Even though your thriving enterprise may be long established and very well run, it’s often a mistake to stay on close to the point at which you plan to sell.
This can leave potential purchasers with something of a conundrum: Your business is doing well, but how much of the performance is due to your own influence, rather than the efficiency of your systems and staff?
How long it takes to make yourself redundant will largely depend on the current status quo within your business.
Firstly, you must assess each area of your company to determine who the key decision makers are.
If you have a strong team and good management structures, then you are already well on your way. However, if you are a key figure in company workflows, then you will have some problems to address.
There are a few important questions to ask yourself in this scenario:
- Is there a senior staff member who is able to take on the majority of your responsibilities?
- Can your responsibilities be spread out amongst a team?