Q: What are the 2 most common pieces of advice for those who are within a few years of selling?
JT says: First, I’ve heard this phrase well over 100 times the last 20 years, “I should’ve reached out 2-3 years ago when the thought of selling first crossed my mind.” When answers are received late, it can simply be too late to effect positive outcomes or make changes. Early answers resolve many obstacles.
Second, ensure your books are clean. (From a buyer’s perspective, not yours.) Not only misclassifications and ‘miscellaneous’ accounts, but tracking WIP, Aging AR, etc. ‘Financial cleanliness’ is essential as it effects the Quality of Earnings and resulting value. A little effort here goes a long way.
Together, these will offer crucial peace of mind for the road ahead.
Get Answers + Get Prepared = Get Retired
Have a question for JT? Don’t worry, all questions will remain anonymous! You can email JT at [email protected].
JT Kraai
As CEO and Founder of Exit Strategies 360, JT takes extreme pride in helping business owners prepare and navigate the business sales process. As an M&A Advisor, Broker and Consultant for 20+ years, he has structured hundreds of transactions for virtually any scenario, keenly understanding the needs of both buyers and sellers.
JT indicates, “Most business owners are unaware of their options when it comes to preparing and selling their business. These options can increase cash and decrease taxes by hundreds of thousands of dollars. An educated decision is always the best.”
He then adds, “An owner’s weakest link is fear… without knowing how to proceed, they don’t. We offer the tools, process and roadmap to proceed with confidence.”
With over 25+ years of entrepreneurial ventures including five start-ups/sales, he has a solid understanding of what it takes to successfully create, expand and maximize business values. JT instinctively has the expertise and capacity to think about critical factors affecting the success of a transaction, providing an extremely valuable perspective and advantage for his clients.
According to JT, “You’ll probably do this only once in your life… let’s do it right.”
Related Posts
