Do you need help for business exit planning in Macon? Burns Valuation offers trusted business exit planning and help selling a small business in Macon, GA and all surrounding areas in the Metro Atlanta Area. Studies have shown that less than half of family-owned businesses have a written succession plan in place that depends on business value now and in the future. Many business owners wait until it’s too late after they retire or become ill or worse. A sound strategy early on helps mitigate owners from having to make quick decisions under pressure.
Profitability is the key to making your business attractive to potential suitors. A number of internal evaluations and improvements can be made:
- Review revenue recognition policies
- Diversification of revenue streams
- Getting rid of low-margin customers
- Negotiating with or switching suppliers on cost
- Reducing or eliminating discretionary expenses
- Selling any assets that don’t add value or are not required in the business operations
One or all of these changes, if needed, takes a long time usually to implement. Not only that, potential buyers want to see a 3 – 5 year history of good profit.
Creating a formal exit strategy well in advance of your actual departure from a business may seem odd but it’s critically important. Improving your operations today will increase your net worth in the future when it’s time to exit.