Shifting your mindset from solely focusing on year-to-year revenue and profit to considering your business as a product is key. Instead of just thinking about immediate financial results, you will want to consider what would make your business more attractive and valuable to potential buyers.
This shift requires a forward-thinking approach, where you look beyond short-term revenue and focus on factors that will influence the reliability of revenue generation in the future.
Take stock of your intangible assets and learn how to leverage them to enhance your business’s valuation. Intangible assets, such as intellectual property, brand reputation, customer relationships, and proprietary technology or processes, set your business apart, build trust, and create a competitive advantage.
Preparing your business to be exit-ready is a gradual process that requires time and strategic planning. However, being exit-ready doesn’t necessarily mean you have to sell or transition immediately. Instead, it positions you as a proactive owner, ready to capitalise on opportunities as they arise. On the other hand, if your business is not exit ready, you may find yourself on the back foot, missing out on potential opportunities altogether.
Remember, preparing your business for exit is not about rushing into a sale, but rather about strategically positioning yourself to be in control when the time is right. By adopting an exit-ready mindset, you can pave the way for a successful transition while maximising the asset value of your business.
