Come hear what Dave Johnson did to prepare his business for sale....
If I could offer one bit of advice to an owner thinking about selling: The clearer you are about the next chapter in your life, the easier it will be to plan those goals.
Over the course of six months I consulted with around 20 people and I discovered three things about my situation:
1. I was bored with my current business.
2. I had to grow my current business further to enhance value, and thus invest more money.
3. My retirement was underfunded, so after selling my current business, much of the proceeds had to go to the retirement account.
My plan was to set aside enough money for retirement from the business sale and start another business in another industry. I came up with a plan to expand my existing company by 100% over four years with the end goal to sell out. I sold to our largest customer after three years and banked 50% of my money into retirement.