It might be a long way off, or just round the corner. Either way, it pays to think about the time when you will come to sell your business, so you can start preparing.
Manchester, UK (PRWEB UK) 13 September 2013
All business owners should take time to consider their exit strategy, in order to ensure they can maximise their return on their investment when selling, Miles Lloyd has said in a new Find the Edge article.
He uses a post on the business website to provide ten tips to help leaders create a sustainable business model that will be attractive to buyers at a future point.
He said: "Whether it’s embarking on a new challenge, investing your hard earned cash in a new venture, or simply enjoying the fruits of your labour in early retirement – most entrepreneurs have an exit plan.
"It might be a long way off, or just round the corner. Either way, it pays to think about the time when you will come to sell your business, so you can start preparing. Obviously you want to be handsomely rewarded for your efforts!
"So let’s put ourselves in the mind-set of a potential buyer. What would they look for when deciding whether or not to purchase your business?"
Among the ten tips, Lloyd recommends focusing on improving the strength of the company's brand, growing a quality base of loyal customers, and investing in a smooth and high quality IT system.
He also suggests considering the impact of staff training, and the importance of constantly improving how the company is led.
Lloyd said: "Opportunity and potential for growth is all well and good, but it requires good management to take full advantage.
"Ensure your employees are fully competent, and internal processes are up to scratch, or this could affect the value of your sale."
The article can be viewed in full here: http://www.findtheedge.com/leadership/strategy/top-10-things-that-add-value-to-your-business.
Miles Lloyd is CEO of Outsauce, a leading recruitment agency, and a non-executive director at The Recruitment Society. More about his work and career can be read here: http://www.findtheedge.com/expert-panelist/miles-lloyd.
Kenny Goodman, founder of Find the Edge, said: "It may seem premature, but it's always important to consider an exit strategy - even when running a young business.
"This will help you to create a business that is well structured, streamlined, and ready to make money."
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