The experts say when selling the business you have slaved over for the last 20 years or more you need to plan 3 years in advance. When going to the market or even approaching a Transfer Agent, planning your sale can be a daunting experience to say the least and if you get it wrong Well! the consequences can cost £1000s. Health and Safety Policy, Risk Assessments, Working Procedures, you name it the list is endless even down to giving the business a quick lick of paint, this all makes your business more attractive to a potential purchaser. I suppose it's similar to the internet marketing world, a business in a box opportunity.
However, if the purchaser is totally new to the market of your business and has no previous experience of the daily running. It's all well and good buying a business in a box opportunity, but you will need the training on how the opportunity will best work for you and give you a return on your capital. You wouldn't jump into a plane and take off without first having some flying lessons with an instructor. Would you? So, who best to give the training and so called flying lessons to your purchaser? It's the business owner of course, nobody will have the amount of knowledge of that particular business especially after 20 years. So, what is The one thing small business owners forget when selling up? A business owner should provide a manual detailing the vast amount of knowledge of the day to day business activities.
The contents within the manual can include for example
Really the list is endless on how far you want to go especially the working procedures, with photographs and covering text, which can then be converted into A Portable Document Format (PDF). This would really set you apart from other businesses for sale, in your market. I had a chance meeting with a man called Simon who worked for the banks in, bankruptcy and repossessions for nearly 20 years, Simon now runs his own successful company using his 20 years experience and knowledge, on how a business works and why a business fails. Part of Simon's job is helping small to medium business with their exit strategy. Simon asked me the question. What was my biggest asset? It really surprised me when he said it, his reply was. Your vast amount of knowledge in your business, and if you were to document all the day to day activities into a, how to, what to do manual. That alone would add £1000s onto the value of your Business.
My name is John Hagan, I'm a fish fryer by trade and interested in the Internet Marketing world. It's my aim to help people who are just like me, looking to make a difference in their lives through Internet Marketing. To get to know more about me and how you can learn and earn in the Internet Marketing world and receive my Free 7 day boot-camp video series, that will show you how to earn while you learn and grow a profitable on-line business, generate endless leads and create multiple income streams. Head over to http://www.john-hagan.com
Article Source: http://EzineArticles.com/?expert=John_Hagan
http://EzineArticles.com/?The-One-Thing-Small-Business-Owners-Forget-When-Selling-Up!&id=6249599
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