Timing is essential. In the stock market, in business or in personal decisions, deciding when to go “all in” is tied closely to successes and failures. Unfortunately, we can’t always choose the right timing.
Entrepreneurs dream of building their companies up into perfect masterpieces, but in reality, it’s never that easy, and most businesses live with flaws. However, you never know when an offer may come to buy your company, and even if the timing doesn’t seem right, it’s likely still worth exploring. It may turn out that the timing is much better than you thought. In a recent Inc.com article, author Norm Brodsky walks through what business owners should do if they get an unsolicited offer. He cites a business owner who is currently facing this situation.
In the meantime, it’s important to make improvements to your company right now so that you’re set up well for the next step. Mr. Brodsky highlights the importance of:
- Having long-term contracts or client agreements that you could transfer to a new owner without losing customers
- Having relationships that are not solely dependent on your personal involvement
- Not being overly dependent on one big customer
- Having a staff in place that can run the business on its own
Even if business owners have no dreams of selling, running a business as if it’s up for sale often will result in a smarter, more successful operation. So get going! There’s no time like the present.