Need tips for prepping business for sale 20 years from now

[James Burke]

I'm looking to sell my business in twenty or so years. Besides the obvious fact that it may not even resemble what it does today, how should I begin preparing?

In addition to good customer relationships, service and product offerings, I keep good financial records and am in the process of finishing a solid busines and marketing plan. I also have a strong committment to staying current with updated technology and well maintained equipment.

So, for those of you who are at this stage of life, what else have you been doing?

Thanks,

JB

 

[iSign]

I have two suggestions, read "the E-Myth" and then call Jon Aston

 

[James Burke]

I have two suggestions, read "the E-Myth" and then call Jon Aston

I have E-Myth on CD and have listened to it many times several years ago. I'd better dust if off and listen to it again. I especially like Michael Gerber's idea of setting up "systems". It didn't make too much sense when I heard it as a new business owner, but now that I have some years under my belt, it appears to be vital for the future sale of the busines.

Jon...what are your plans for sticking around for the next twenty years?


Jim

 

[Pat Whatley]

Setting up "systems" is crucial, in my opinion, to building a sellable business. The object should be to build your business into a cash machine. Remember....a job is something you have to do to make money....a business is something that makes money without you.

 

[CheapVehicleWrap]

Kudos for thinking ahead, something most don't do. But... isn't the world supposed to end WAY before that?

 

[BobM]

"Are you Creating Wealth with your business or Just Making Money", Wealth Building Exit Strategies by Ted Burbank (www.buysellbix.com) or contact him at tedburbank@comcast.net. Every business owner should be required to read this book to gain the basic understanding of the life cycle of a business and how best to maximize there lifetime investment. Ted has spent a lifetime preparing for selling and selling small and medium size businesses. Without a doubt the best business book I've ever read.

 

[James Burke]

Bob,

Thank you, it looks very informative.

Here's the correct link: http://www.buysellbiz.com/ExitStrategyRelease.htm

JB

 

[BobM]

Opp's. Well thankfully you found it. It really is a great book that goes thru all the things they never taught you at Harvard Business School but should have.