A lot of hard work and investment (personal and professional) goes into the building and growing of a business. For this reason, it can be a tough pill to swallow settling for less than you feel your business is worth when it comes to selling. There are 4 major mistakes business owners make that can be easily avoided to make sure your business sale is a complete success, and you sleep easier after your exit.
1.Not 'beginning with the end in mind'
Planning too late or waiting too long to sell your business means significantly reducing your ability to achieve maximum value at sale time. It also prevents you from reviewing your options and choosing the one that's right for you and your situation and implementing strategies to successfully exit the business and leave a legacy.
2.Not having employees that think like leaders
Your star employees are the future of your business. The ability to provide feedback and take initiative to improve business performance are signs that they are invested in the outcomes and have the business' best interests. Invest back into these employees by allowing them to become stakeholders and continue your legacy.