A FIVE-YEAR PLAN TO SELLING YOUR BUSINESS

Hey Founders,

Let me tell you something important – your business isn't just a hustle; it's a gold mine, especially when it comes to securing your retirement. With a whopping $13.4 trillion deficit projected for Canadians' retirement come 2050, building your business to sell it could be one of the smartest moves you make.

You've poured your heart and soul into building this thing, and now it's time to turn it into your retirement strategy. So, buckle up, because we're about to dive into the crucial steps and considerations for selling your business.

You're not just running a business; you're building a legacy, and if you're thinking about selling it down the road, well, it's best you start thinking about that today. Here's a breakdown of what you can start doing now, five years out.

YEAR 1-2 // GET YOUR HOUSE IN ORDER

Financial Reality Check:

First things first, take a good hard look at those finances. Clean up any mess, tighten those purse strings, and get those records squeaky clean.

Show 'Em What You Got:

Evaluate where you stand in the market. What makes you unique? What can you improve? This isn't just about selling; it's about making your business a powerhouse.

Customer Mix:

Diversify that customer mix. You don't want to be hanging all your hopes on just a few clients. Spread that risk, and make your business more stable.

Efficiency Overdrive:

Streamline operations, embrace technology, and make your business run like a well-oiled machine. Efficiency isn't just good for you; it's attractive to potential buyers. There's value in your SOPs [Standard Operating Procedures].

YEAR 3-4 // POWER MOVES

Leadership Boost:

Invest in your team. Develop leaders within your ranks because a strong team adds serious value to your business.

Relationships Matter:

Strengthen those customer and supplier relationships. Long-term partnerships scream stability, and that's what buyers are after.

Money Talks:

Diversify those revenue streams. Explore new opportunities, and show potential buyers your business is a cash-generating machine.

Brand It Up:

Let's talk brand. Pump up that visibility and reputation. You want your business to be the name on everyone's lips.

YEAR 5 // THE BIG PICTURE

Value Check:

Get a pro to assess your business value. You need to know what you're working with.

Crystal-Clear Finances:

Keep those financial records transparent. Potential buyers want the facts, not a guessing game.

Paperwork Party:

Sort out all those legal documents and dust off the Minute Book. Clean, clear, and ready for inspection.

Spot Potential Buyers:

Start scoping out potential buyers. It's time to play matchmaker with your business and the right new owner. Check out SuccessionMatching to get matched up with potential buyers.

Sales Package Ready:

Create a killer sales package. Think of it as the golden ticket that showcases why your business is THE business to buy.

THE BOTTOM LINE IS THIS...

Remember, this isn't just about selling; it's about setting yourself up for the retirement you've been dreaming of. By making strategic moves now, you're not just selling a business; you're cashing in on the legacy you've built. So, let's get out there and make those power moves!

ABOUT TAUNYA WOODS RICHARDSON

Taunya is well-known for her straight-shooting, bottom-line-building approach to founder finance. As the Founder of Nail The Numbers, she brings 30+ years of experience in entrepreneurship, finance, and neuroeconomics to our mission of strengthening the minds and bottom lines of Founders across North America.