Is Your Business Sellable?

Your thriving business is due, in no small part, to long-term planning and prepping for countless outcomes. But have you also planned your exit strategy?

A recent study shows 67 percent of owners haven’t planned for a sale – to their peril. Those without a strategy often fail to adapt and survive amid changing markets, while business owners with defined goals are more likely to successfully switch gears and sell their shops.

In other words, if you don’t plan for the eventual sale of your business, “you may not be in a position to sell it,” Nancy Whatley, vice president of Entrepreneurial Development at the Metro Atlanta Chamber, tells PINK.

Whatley successfully sold her company, VantagePoint Staffing Solutions, even though she wasn’t actively soliciting buyers.

Whatley incorporated lessons of successful business deals, such as protecting her intellectual property, documenting policies and procedures, and ensuring that her client’s relationships didn’t end with her, but included the entire
 organization.

For more advice, Whatley suggests referencing books like Dance in the End Zone and Built to Sell. Plus, the online Entrepreneur School offers programs on everything from avoiding common mistakes to picking the right buyer.

You can also check out the SBA’s seller’s checklist, which includes assets being sold and a list of inventory in the sale, before inking the deal to make sure you get a great return on your investment.

Bonus PINK Link: Here’s how to draft a successful exit strategy.

Minute Mentor: Nancy Whatley talks to PINK about how she successfully sold her staffing company.

Do you have an exit plan? Take our poll!

By Rachel Pomerance

“It takes as much energy to wish as it does to plan.” Eleanor Roosevelt