Does Your Small Business Plan Involve Selling Your Small Business? It Should, Here's Why...

You're probably aware that a small business needs the correct planning to conceptualise, start, build, and grow. But did you know that being fully prepared to sell your business is just as important? Well it absolutely is! Ideally, right at the inception of your business, your business plan should include a good strategy for selling whether through choice or necessity.

It is important to be fully prepared for the unexpected than not. Even if you have no intention of selling it in the beginning because you would want to run it for the rest of your life, a comprehensive plan right at the start of your business that includes selling your small business will be a driving force for you to strive to steer your business to success and bring in the profits.

Just as your small business needs the correct planning to conceptualise, start, build, and grow, being fully prepared to sell is vital. Ideally, right at the inception of your business, your business plan should include a good strategy for selling whether through choice or necessity.  It is important to be fully prepared for the unexpected than not.  Even if you have no intention of selling your business it in the beginning because you see yourself running it for the rest of your life, a comprehensive plan right at the start of your business that includes selling your business will be a driving force for you to strive to steer your business to success and bring in the profits.

There are varied reasons for deciding to sell a business but the most common are:

- Disability due to health reasons
- Retirement
- Death of the small business owner or a business partner
- Disagreement with a business partner
- Change of location
- Bid for new venture/s

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Remember, that the main goal of your small business plan is to achieve and constantly improve your bottom line and to provide you financial security throughout the life of your business as well as build your business value so to maximise your profit returns when the time comes to sell your business. Also, bear in mind that the bottom line will be the first consideration that interested buyers will look into. It is, therefore, important to understand the rationale as to why a good strategy for selling your business should be included in your small business plan.

Accurate financial records help you keep track of your small business' performance –


Many people believe that numbers generally do not lie. Accurate, complete, and factual financial records should be maintained at all times for you to be able to track the performance of your business. They should also be available for review by your financial advisors and government regulators. Serious business buyers get turned off with disorderly and inaccurate records.

Efficient systems and processes save time, effort, and unnecessary costs –

Simplifying and optimising systems and processes help avoid unwanted wastage on resources and the time needed to do certain tasks. An efficient implementation of these systems and processes likewise contribute to healthier profit margins.

A well developed work force is a motivated work force –

The right people are your business' most important asset and they are indeed key participants in the achievement of a robust bottom line. They should, therefore, be properly trained, developed, and fairly compensated to win their loyalty and raise their morale. An well managed work force means an well managed bottom line.

Cultivating relationships promote the proper connections –

Acquiring friends and fostering healthy professional relationships inside and outside your organization will help you a lot in your search for potential buyers for your small business. Interested employees, customers, suppliers, brokers, advisors, other business owners, or even competitors can be prospective buyers or can provide useful referrals.

Small Business Planning 


Good housekeeping projects a good image –

All throughout the life of your business, everything should be in its assigned location. A clean and organised work place can inspire and motivate your employees to do their best to help realise a satisfactory bottom line as well as promote a good image for your company. Your company properties should be regularly maintained, repaired, refurbished, renovated, or reconditioned for optimum performance.

Several contingency plans lead to better options –

It is prudent to have on hand several business selling options to fit the requirements of the specific circumstance compelling you to sell your business. Among these are:

• Selling your business yourself
• Selling your business through stock options
• Going into partnerships or mergers or simply liquidating all your assets

Keep in mind it is always worth while having a step by step business selling plan of action at reach in order for you to sell your own business anytime and on your terms.