Just how good looking are you?
Sorry, I can’t help you with your personal look. That’s for another website. But, I can help you with your business look. And there’s good news and bad news here. First the good news.
The good news is there are just a few things you can do that will make a meaningful change in the way your company looks and performs and makes you more attractive to a buyer.
The bad news is it’s going to take effort. While it starts with you, it’s going to take your entire team pulling together to achieve these results. And it’s going to take some time. Another piece of good news, though, is that if you’ll just get these things started and rolling throughout your company, you’ll be leap years ahead of other companies.
First Things First. Let’s focus on the good news. What I consider the Main Thing:
Change your focus, your paradigm. Up until now you’ve been playing dual roles:
Now you need to shift to a new role:
What’s the difference and why does it matter?
You’ve been in your role as Owner and Leader/Manager since you started the company. You’ve pretty much been doing the same thing – that thing that you love – all of this time. You’ve been happy, you’ve made good money and your employees and vendors and customers all love you. If they didn’t you wouldn’t be in business. But, in this paradigm, it’s more of the same – the status quo. To an outside buyer, there’s not nearly the excitement and fun and profit as you see it from the inside.
As a buyer, though, you can begin looking at your company entirely differently. You won’t see the same things that the owner does. You’ll be looking at things through a different lens. You’ll be critical and skeptical about everything. As a buyer, you’re going to want to test everything, making no assumptions and have no loyalties. Let’s run down a brief list of things you, the buyer is going to want to look at and think would be worth something:
- Financials. This is the biggest one. Everything starts and stops here.
- How reliable and accurate are the financials?
- Who maintains them and for how long and what are the internal controls?
- Revenue history and potential for growth?
- A clear explanation of those times when revenue dipped?
- Customers – Who are they and is there too much concentration?
- Leadership – Who is leading and are they staying?
- Employee retention plans – what’s to keep good employees here?
- What are the risks to the company?
- Start with the Corporate Formation Docs. Lots to deal with here and you might not have looked in that dusty binder since you started. Probably ought to pull it out.
- Legal issues?
- Insurance coverage?
- Processes and Procedures?
- Are these well-defined and followed by all? Written down?
Ok. It should be obvious to you by now that this list could and will get really long. You can already see there are things I have not listed. But don’t go there! Getting dressed up for the dance does not have to be overly complicated. It starts with you, the owner, changing the way you look at your company. Stop looking at it like you always have. Set your personal pride aside and start really looking at it like a buyer. Make this your new paradigm. You’ll find you don’t need to be an expert at all of this to realize you need to start dressing things up.
If you need an expert, that’s what we’re here for. Call us – that’s another simple thing to do.