Roland Frasier is on a mission to help entrepreneurs become rich and happy. One of the best ways to do that is to build businesses you can sell at a profit.
Today’s episode is bite-sized and snackable, designed to give you five minutes’ worth of valuable tips that will take your life and business to the next level.
Here are some things to think about when you’re looking to sell your business, things to have together before you go to market, tips for creating a business that has high appeal to someone looking to acquire.
#1: Make sure you’re in an industry that’s trending up.
You don’t want to sell if your industry is out of favor right now. That’s a terrible time to sell.
#2: Make sure you have a depth of management team in place.
You need to have enough people to take over and run it if you, or any of your key people, leave.
#3: Have SOPs in place.
The more standard operating procedures you have, the easier it is for someone else to come in and run the business.
#4: Identify acquisition targets that your company could buy or be a part of.
A lot of private equity firms are looking for a platform company that can then be built by acquiring other companies.
#5: Make sure you’re in the top 5 in your niche.
Obviously, the more competitors you’re beating out, the better.
#6: Be mindful of the sector growth prospects for your industry.
#7: Elevate the stability and quality of your revenue.
#8: Ensure that your business model is a proven one.
#9: Grow your customer base.
#10: Make sure you’ve got an online footprint.
#11: Work on your brand recognition.
#12: Give back and do good in the world.
Pay attention to DEI (Diversity, Equity, and Inclusion) and ESG (how sensitive to the environment is your company?).
#13: Know the barriers to entry.
#14: Make sure your business isn’t highly dependent on equipment that will wear out or need to be upgraded.
#15: Make sure you have reliable supply chains.
Selling a business that meets all these requirements will take you down the path to being rich and happy.
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