Every business owner has different long-term goals for their business. Some are content to stick around for the long-haul, slowly growing their business and living off the cash flow before someday passing it onto their children. Others want to scale it quickly and cash out as soon as possible. There’s no right or wrong direction. And others may at some point realize they want to free themselves to follow other pursuits.
Whatever the circumstance, if there does come a time when you are ready to sell your business, it will require some planning. There are a number of important steps you must take to prepare for an exit.Document everything in detail
Have a plan for further growth
Have a plan to explain it to your customers
Be willing to stay on for a minimum of one year
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Steve Niehaus, MBA, CBI, CM&AP