Preparing to Sell Your Business: Part 3/5

This is the 3rd part in a five part series entitled "The Five Essential Actions to Get Your Business Ready to Sell." Selling your business is an overwhelming task. It can be highly emotional and stressful when that time comes. You may not know where to start, but that's what I'm here for!

Previously we've discussed getting your accounting in order. Next was building your company culture. That brings us to number 3.

Action Item #3: Strengthen Your Operating Systems

Make the business less dependent on you, even if it (mildly) hurts your sales in the short term. The hardest business to sell is the one where the owner is responsible for everything.

A potential buyer doesn’t want to buy your job. They want to purchase an investment. If you must be involved stay within management; don’t be involved in the sales or service.

Every entrepreneur at some point falls into the trap that “nobody can do it as good as me, therefore I must do it.” While this is true, it caps your business’ potential and burns you out! As a result, the whole company, including the people that work for it, are now 100% dependent on what you can accomplish. No wonder why employees are so needy!

Spend the time building out your systems and developing your people. No great thing of value comes easy. The ‘people’ part can be hard, but delegate patiently with clear expectations and you will be sure to reap wonderful rewards!