Published: 30 October 2015
It’s bad enough when you procrastinate during your working day. You put off calling that customer or vendor, you delay creating the monthly spreadsheet, or you avoid firing that employee who is just begging to go on unemployment. That’s all well
and good—er, not good, but all of this is fixable if you get moving. What can really create problems for you is when you procrastinate about selling your business.
There are a number of ways you can delay when selling your business. You can simply fail to make a decision to sell your business at all. Another scenario can be that you have a buyer, yet postpone indefinitely giving them an answer. Before you even begin selling, you can dawdle when creating your business package, or you can simply lag behind each of your business experts, never getting them the information they need to present you and your company well. Every single one of these instances of procrastination will be devastating to the sale of your business.
Is it time to exit your business? If so, it’s time to get moving. This is not a time when you can procrastinate. Think about the process by reviewing and checking off these steps:
- Make a firm decision to sell your business. Don’t be wishy-washy. If you are going to sell, then make up your mind that you will do everything possible to maximize your profit when selling.
- Choose an expert advisor. This shouldn’t be Uncle Joe or your sister Lou—unless they are truly experts in selling businesses and do it for a living. Even then, they will be emotionally involved with you and that does tend to blur the lines. Choose the best expert you can find who is qualified to do what you need them to do.
- Sit down with that expert at least once for an information/brainstorming session. No excuses. No interruptions. Close the door, sit down with pen and paper, and start from the beginning. This is where you create the road map on how you are going to get to your sale. Assign tasks to each of you along with deadlines for those tasks.
- Schedule regular meetings with your expert to assess where you both are in the process. Both of you are accountable, but in different ways. Your expert might be doing the marketing of your company or he might be helping you to train your management team. You might be responsible for assuring that all company records are accurate and up-to-date. Whatever the task, each of you has to begin working immediately. This is not something that can be delayed or put off indefinitely. Meet deadlines.
- When you have interested prospects, answer their questions immediately. Don’t sit on this. Sales prospects are hard to come by and those buyers can move elsewhere quite easily and won’t return. Do the same for them as you do for your customers: make it as easy as possible to get the information they need. Don’t put any barriers in front of them, for that will inhibit all but the most aggressive of buyers.
As you can see, you need to get organized as soon as you make the decision. Track yourself, make yourself and others accountable, set and meet deadlines, and overall, work on getting this sale closed. This is what you have been working for your entire business life, so don’t drop the ball now.
Looking for experts? Call The Savickas Group for we have people on staff who specialize in all types of business issues. In addition, we have created an eBook which will help you through the various steps of getting started toward your sale. Contact us for a FREE copy of Maximize Your Exit, 9 Tips to Capitalize on the Sale of Your Business: 1-888-210-8269 or firstname.lastname@example.org
Thanks to Celestine Chua for her creative commons photo.