Prepare Your Business To Sell: Tip #1

sell your business - visionDo you want the freedom to sell your business one day? In our previous post, we have already discussed the importance of starting with the right mindset. A sellable business begins with the mindset of a strategic business owner. In other words, the businesses that sell have been prepared to sell by their owners. Once you have adopted the mindset of a strategic business owner, you are ready to begin the steps of preparation for building a sellable business. Here, we will look at the first of seven tips – or steps of preparation – to help you sell your business.

TIP #1: CLARIFY YOUR VISION

What do you want your business to look like on the day that you sell it? This question is difficult to answer for many business owners because they do not know what a sellable business looks like. This is the point at which a good business coach can begin to help. In his book, The E-Myth Revisited, Michael Gerber encourages owners:
"Imagine yourself taking [a] potential buyer through your business, explaining each component and how it works with every other component. Imagine yourself introducing the potential buyer of your business to your people, and standing by while they proudly explain their accountabilities to the fascinated stranger. Imagine how impressed the potential buyer of your business would be upon being presented with such order, such predictability, such irreproachable control."  
As a business coach, I enjoy helping entrepreneurs grow in business leadership of sellable businesses by first helping them achieve clarity of vision. So, begin by clarifying your vision. Write down your vision. Get crystal clear on where you want to go. Now that you have adopted the mindset of a strategic business owner and have clarified your vision, are you ready to learn more? Come back next week to learn the second step to prepare your business to sell.

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