Sale-Ready Means Business Even If Owners Don’t Sell
You’re probably not even thinking about selling your business right now. If you are, you might be feeling the pressure to do so more than feeling ready or feeling excited. So don’t do it! Take a step back and think about what it could mean for your business to be sale-ready.
It can feel like a loaded term because it seems to imply an imminent action of selling. But the truth is that being sale-ready can simply mean that all your options are open, including reaping the rewards of a strong, healthy, sustainable business.
If you’re like me, you learned in business that options are valuable - even more valuable than the action once taken. That’s why I frequently encourage business owners to think differently about the whole process, and focus on “sale-ready” as a state of being, not trigger for action.
What it Means to Be Sale-Ready as a State of Being
Being sale-ready simply means you CAN sell if you choose to! But it can also mean you are running a business that it is valuable not just to you, but objectively valuable. Think of it this way. Lots of people wait until they need a new job to update their resume LinkedIn profile. But those who always keep it up to date with testimonials, keywords, and a growing network are the most likely to get recruited for the next great job before they’re even looking.
“There’s no harm in making sure your business is sale-ready, and plenty of upside for both you and your business,” affirms Barbara Taylor, co-founder of Allan Taylor & Co and blog author of “3 Reasons You’re Not Building a Sale-Ready Business.”
Benefits of Being Sale-Ready Even with No Sale in Sight
There are a number of specific benefits to getting your business sale-ready even if you’re not even considering selling, including:
Greater profit in the near-term
Higher market valuation over the long run
Improved efficiencies leading to lower cost of operation, COGS and employee turnover
Improved effectiveness leading to satisfied customers, employees and channel partners
Security for the owner’s family
Quicker, smoother process if and when you ARE ready to sell
Consider the Alternatives
If you’re ready to assess the state of your business and/or work towards being sale-ready, there are a number of ways to approach the process. Learn more and/or take an assessment.
We are the W Alexander Group, headquartered in Cincinnati. We are not consultants or business brokers. We are private minority investors who work in active partnership with owners to provide an alternative to selling the business now through strategic and operational initiatives. Our uncommon approach protects owner equity and provides an interim step, allowing for a more planful change and down-the-road sellability when you are ready to transition.