As another year winds down and you take some well-deserved time off it’s a perfect time to start thinking ahead to the future; 2015 and beyond. Is a transaction in your future? Are you approaching the time when you should be considering a sale of the company?
Whether you see that sale possibility in 2015 or years later there are the things you should be doing in 2015 to get ready.
Here are 15 things you can do in 2015 to increase your company’s attractiveness and maximize its value in the market.
1. Determine what you really want – what are your personal and business goals over the next few years and how much money you
believe you would have to realize to have a successful sale (meet with a personal financial advisor if you don’t know the amount).
2. Use our Strategic Value Assessment Checklist to assess your business’ current strategic value (just ask and we will send you a checklist).
3. Use the results of the Strategic Value Assessment Checklist to develop your 2015 and beyond value improvement roadmap.
4. Prioritize the components of your improvement roadmap.
5. Implement the roadmap and begin working on the prioritized components.
6. Clean up your financials.
7. Make sure you have the right outside professionals and trusted advisors on your team.
8. Implement compensation and bonus programs for your key management team members to ensure that they remain with the company.
9. Put in a “what if” plan to protect the value of your business should something happen to you.
10. Begin to look at your business from the eyes of a buyer.
11. Collect profitability and operational data that can provide a clear picture of the company’s performance.
12. Consider a financial audit if you are not already getting that from your CPA.
13. Make sure all of your corporate paperwork, contracts, ownership agreements, and other documents are accurate
and up to date.
14. Clean up, spruce up, fix up your facility and equipment to make a great first impression.
15. Remember to keep your eye on the ball and don’t let your current business slip.
Do these 15 things and 2015 could be the start of something very good. Oh…and don’t hesitate to call us if we can do anything to help you create and realize maximum value for your company.
Wishing you a Happy and Prosperous New Year.
– Joel Strom, Managing Partner