How to keep businesses fit for sale

MOST businesses are built up over their owners' working careers and this represents years of hard work. Whether it is an owner's aspiration to hand over the business to a family member or for professional management to take over, building a mindset to sell the business is something to be considered.

It has been said that a business fit for sale is a pleasure to own. Naturally, owners want to receive the maximum value at time of sale, and this means selling when the time is 'right' - right for them, in terms of their own personal objectives; right for the market conditions, and right in terms of business performance.

Since we generally only know when 'right' is right at the time, the best time for preparing a business for sale is now, even if there is no intention to sell. This mindset allows for a greater appreciation that a business can run without its owner, freeing the owner from the day to day operations of the business and being able to focus on strategy which drives performance and business value.