For some owning and running a business is a real dichotomy in an unfortunate way.
Let me explain. Have you ever got to the point where you feel it’s all too much? Working too many hours, barely enough reward for your efforts, you’ve lost your drive and you’re over it. ‘What do I do from here?’ you ask yourself. Then the answer quickly arrives. Sell. Get rid of this business and go and get a job, much easier.
There’s one big problem with this. If your business is not providing you with a great income, a balanced lifestyle and overall satisfaction, your business is hardly going to be saleable.
Here’s the irony – when you’re business is not saleable; you’ll want to sell it. When your business is saleable, you will not want to sell it.
What is a saleable business then? Before we define that, let’s look at the top ten reasons why people go into business (in no particular order, the reasons vary from one person to the next):
If your business provides you with some of the above, then it will be saleable. The more of the above it provides, the more saleable your business will be.
So here’s the thing – regardless of whether your intention is to sell your business soon or not, adopt the mindset that you need to make your business saleable, if it is not already. Even if it is already saleable, the more you can make your business provide for the top 10 as mentioned, the more valuable your business will be, the more a potential purchaser will be prepared to pay.
But then again, who would want to sell a saleable business!