Preparing your business for exit involves three main components – putting all the facts & figures of the business in the right manners so that the potential buyer can see the value with supporting information, transition of business and to maximizing the value of your business. Now is the better time to start preparing your business for an exit because takes some time to prepare it.
In order to prepare your business for exit you also need to clean up the business and make it transitional. Some of the things to consider are:
Having a good management team in place that can run the business when you are not there?
Customers, vendors, suppliers and other peer’s relationship transitional
Related parties transaction demarcation
Sieving out personal assets and business assets
Business ownership and business title
Track of your inventory valuation and verification
All agreements and contracts signed and in good order
Financial reports and statement review
All of your trademarks are registered, everything you can patent is patented
There are a many more things depends on the business need to organized so that a potential buyer can check easily.