Perhaps you had planned to exit your business and retire after decades of hard work and sacrifice. Maybe you wanted to sell to move on to other things. You may even have had a buyer in the frame until quite recently who has now pulled out.
Clearly now is not the ideal time to sell your prized business asset. Many businesses are simply struggling to stay afloat or have gone into hibernation for a few months until it’s safe to come back out.
At the moment it’s difficult to predict how long the lock down will last and, when it eases, how this will be phased out and which businesses will be allowed to trade. Of course, this is difficult for anyone looking to sell their business but there are some actions you can take now to put yourself in a stronger position when we start getting back to some type of normality. The key areas are:
- Get your housekeeping in order and cut all unnecessary costs so you will have reduced overheads when you start to trade again
- Scenario plan for when we emerge from the current ‘freeze’ . Look at a range of options so you can hit the ground running when the time is right
- Make sure your business will stand up to scrutiny from any prospective buyers by having all of your key information ready to answer any questions, no matter how probing they may be.
- Preparation is 90% of success
If you would like further information, please download the E-book I have produced for business owners looking to sell their companies. As I said at the beginning of this Blog...don’t panic… we will come out of this and fortune will favour the brave and the prepared.