Thinking About The Life Cycle of Your Business
Best practices dictate that you work with your business accountant/advisory accountant to create a plan, operate according to that plan, and make your business the best it can be. Once you make the commitment, work with your advisor to follow through with key deliverables. It is hard work, but that hard work is worth it. When you get ready to sell or merge, you will have a history of a profitable business. Once you have updated your business and brought your employees along with you, you will be able to enjoy many years of success and better quality of life before it is time to sell or merge.
Make sure to create a buy-sell agreement with your business partners and review it regularly with your accountant and lawyer. Make sure it is properly executed and reflects the current wishes of the owners and the current value of the business. Review and update your agreement when new owners join.
When you are ready to sell be proactive:
- Put together a transition team
- Continue operating your business as usual
- Get your key employees involved and on board – they may be your biggest asset
- Make sure your legal and accounting team are in sync and are the right professionals for this phase of your business.
- Don’t sign anything (not even a letter of intent) before consulting the correct legal counsel
- Remember everything is negotiable and under the best circumstances both parties will feel they have compromised.
If you are ready to start working on your business/practice/firm rather than in your business contact us. Take the interactive business evaluation survey on our website. If you are ready to roll up your sleeves and make your business/practice/firm the best that it can be, let’s get to work!