Small Business Talk

The Podcast to Grow your Business Faster

How to Get Your Business Ready for Sale with Amy Rose Herrick

Show Notes

Background

Amy Rose Herrick, a career entrepreneur and Chartered Financial Consultant, is “America’s Profit Building Specialist.” Business owners worldwide can connect with her to successfully implement her easy to use “Secret Profits” systems to increase profitability $10k-$100k or more per area.

Clients have turned to Amy since 1991 to accelerate profits, increase bottom lines, de-mystify root causes of business losses and to make more money without requiring that they add costly inventory, change locations, or adding more staff.

Being Prepared to Sell

Business owners are so focused on growing their business that they often forget to make sure that they can sell it if needed. Making sure that your business is sellable even at the very beginning of starting it can mean that you are prepared for any emergency situations that may arise. There are many reasons you may need to sell in the future, and you should be ready for when/if that day comes.

What are some reasons that you might not be able to walk back into your business again tomorrow – and how prepared are you for that event?

Are You The Business Owner and The Business?

Some business owners cannot even leave their businesses 4 days out of a year, because they are their businesses. Your business will be much easier to sell if it can run without you. If a business cannot survive without you, your systems and the value that you bring to it personally, selling it will become quite difficult.

Do you have a business, or a very expensive job?

Can you separate yourself from a successful business when the time comes?

Setting Up Your Transition Plan

What do you need to make sure that your business can be up and running 24-72 hours after a life-changing event or disaster? In the case of an emergency or crisis whether it be a death, disability, financial issues or something else entirely, you should have a plan in place for when your business changes hands. A transition plan is a great way to do this, and covers important points for the running of the business such as how the value of the business is calculated, and how it will be run if something goes wrong.

Having a plan in place also makes sure that the business retains its employees – if you do not have a plan and things start to go downhill your employees may all look elsewhere for employment, which makes your business even less valuable.

Your employees, contractors and shareholders should all be aware of a transition plan and prepared for your absence as well.