WHEN YOU PLAN TO SELL:

DO…

• Take steps to lessen the dependence of the business on you by delegating responsibilities to others and/or identifying a “second in command”;

• Create opportunities for others in the business to develop their capabilities;

• Ensure key employees are loyal to the business by providing competitive salaries/ wages, and consider employee retention strategies such as quality training, attractive performance bonuses and/or profit sharing;

• Maintain well-documented management systems, and operations manuals that would be critical in the transition to new owners;

• Develop long-term, loyal customer relationships that a new owner can count on.

DO NOT…

• “Take your foot of the gas…” It’s important to continue growing revenue and profitability by looking for new customers and markets;

• Procrastinate dealing with difficult issues… such as choosing a family successor;

• Delay filling key vacant positions in a short-sighted attempt to reduce expenses; • Delay seeking out timely advice from your professional advisors whose expertise will be essential to a successful transition.

Whether or not you have specific plans to sell your business, building it with a future sale in mind encourages a management mindset and discipline that will make for a strong and favourable outcome.