Video 10 – When Is The Best Time To Start Planning To Sell Your Business?

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Rob Goddard:

So, when someone’s looking at this, listening to this, when is the best time, Steve, for them to start planning, ideally?

Steve Barry:

At least a year before they want to go to market in the first place, which is then a year before they would expect the transaction to complete.

Rob Goddard:

Okay.

Steve Barry:

So, if they have a hard day in their mind, whether that’s a lifestyle piece, or an emigration, or whatever it might be, two years before the point at which they want to complete would be ideal.

Rob Goddard:

So, if there’s someone listening to this that’s five years out, what should they do, Mike?

Mike Whittle:

Well, I’d go further. I don’t disagree with that. I just think that for a business owner, the optimal state of their business is sale-ready from day one. And I think if I were starting a business today, I’d be starting it through the lens of making sure that the key things are in place for that business to be sale-ready. And that’s really an optimal position for any business. In fact, if you look at running a business, if your business is sale-ready it normally means that the processes, and the strategy, and construct that supports that business is operational optimal, and likely to be highly profitable as a result.

Rob Goddard:

So it could be a better, bigger company.

Mike Whittle:

Absolutely.

Rob Goddard:

Great. And if you get that phone call from a competitor out of the blue, you’re good to go, if you believe they really want to buy your business.

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Alternatively, If you would like to discuss a potential business sale with one of our Client Directors, please either call Amanda on 0118 959 8224, email agale@evolutioncbs.co.uk or Make An Online Enquiry.

 

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