Fire Proof: Are You Ready to Unexpectedly Transition Your Business?
Have you ever noticed that fire trucks always back into the fire hall? Why don’t they just pull into their parking spot?
Backing in at the end of a shift saves them time when they have to get to a fire. They back in to be ready; whether the call comes in 5 minutes or 5 days, they are prepared to leave as quickly as possible.
Like the firemen, you, as a business owner, need to be prepared when you get the call from someone who wants to buy your business. And these days, owners are getting that call more often.
Preparing for Unsolicited Offers
Companies are becoming more acquisitive because they have access to more cash. This increase in acquisitiveness among buyers has important implications for you as a business owner. You need to have a sellable asset when opportunity strikes.
Statistically speaking, the two most common reasons you are likely to sell your business are:
- A health scare;
- An unsolicited offer to buy your business.
As unsolicited offers increase, so too does the need for you to be ready if an opportunity comes your way. The trademark of an unsolicited offer it the owner is unaware it is going to happen and are less prepared. This puts the advantage in the hands of the buyer. Companies that are put together with disordered bookkeeping, too much customer concentration or poor management styles will end up being passed over for turnkey operations.
This means you need to operate your business as if an offer were always around the corner. Being prepared puts the advantage back in the hands of the seller. The time is now for you to get your company ready to showcase when an opportunity comes knocking. The Anders Business Transition Planning Group can work with you on a personalized transition plan based on your Value Builder assessment. Contact an Anders advisor to start the process.