Mike on Morgan & Westfield Deal Talk

Early Steps You Should Take to Prepare Your Business for Sale

To transition a business, owners face several options. For example, one can transfer ownership to the next generation or choose to sell it to an insider, a key employee. Another option is to simply put the business up for sale, which is common among franchisees.

Coming up with an exit strategy is a common challenge for business owners given how easy it is to get caught up in daily activities on the job just to keep the business running. At some point, however, it is necessary to dedidate a certain amount of hours per month or quarter to plan out transition or exit strategy.

Records are important. Today most companies maintain their own records. Programs such as QuickBooks provide ease of accounting for both small and large companies.

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