Can you spell that out a bit more?
Have good accounting and bookkeeping. That’s a big one that a lot of cannabis businesses just don’t have. I’m talking about hiring a firm that does your bookkeeping, does cross-referencing, and does your regulatory aspects for your bank account.
What else can a business do to make itself more attractive to suitors?
I would just say have defined roles and departments. In this industry, the owner or general manager of the industry wears way too many hats to be good at any one of those aspects.
Create divisions inside of your company. Create departments. Who handles what? Is it Mary in HR? Is it Jim in accounts receivable? That’s important. Make sure there are checks and balances in those departments.
Also, when people are being terminated, make sure you’re following protocol. We’re seeing a lot of litigation right now in the industry.
Doing things like exit interviews or, if they terminate someone for cause, document that, so when they go to file an unemployment claim you have the documentation to support your company. Those are all small things in the grand scheme of things that really can create a big problem if they’re not done correctly or proactively.