The Virtual CFO Podcast with Brad Turville

Getting started with the process around succession planning doesn't need to be rocket science. Listen to Brad Turville's interview with David Koch.

For almost all private and family businesses, especially those where the owners are also the managers, the business is their life. They love doing what they do and they get paid handsomely. What commonly happens after a business exit is that the owners can get lost, get bored and some enough want to do something else.

Here are some questions I have put together that you should ask yourself to help plan your life after the sale:

Find questions at http://www.bjtfinancial.com.au/sell-business-life-after-the-sale/

Show-notes: http://www.bjtfinancial.com.au/how-do-i-sell-my-business-part-2/

Selling your business always starts with planning and takes a lot longer than you expect. If you haven't already read / listened to part 1 of this series, then go back and start there as I share a framework of probing questions to get even the roughest plan in place and hopefully get a few cogs ticking in how you'd like your business exit or succession to play out.

Many businesses need to be cleaned up or re-vitalised to maximise the ease and ROI on their exit. And this takes time. Each business owner is unique, business models vary, as do planned exits. Even if the thought of a business exit is way off in the future, the process of de-risking and re-vitalising a business for sale will result in a much more valuable, profitable and smoother running ship. Most people know from selling a car, in many cases the best it ever looked and performed was when someone handed over the cash and drove it out of your driveway.

Ask yourself, what if you were approached tomorrow to sell your business. Would you get the maximum dollar and terms based on how it is running now? Most business owners cannot confidently answer yes. So let's look at some of the most common areas a business needs a tidy up:

See more at http://www.bjtfinancial.com.au/how-do-i-sell-my-business-part-2/

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