Taking a critical review of your business through market segmentation will allow you to define broader industry subsets that your business actually falls within . More importantly , performing a market segmentation review will help you identify core strengths and areas of opportunity in your “ product ” that could appeal to a strategic buyer .
CONIDER YOUR BUSINESS STRUCTURE
As a CEO , you have been integral to developing and establishing your business . But when you start thinking about your business as a product to sell , your business structure suddenly becomes an important factor — and in some cases , even a differentiator . A key aspect to consider is whether or not your team will have a learning curve to overcome without your presence and if you have the right team already set in place for selling .
Addtionally , your business must be structured in a way that ensures its finances will remain in order even after you leave .
Maintaining an objective perspective is critical for reaching maximum value from a sale . It is necessary to position yourself from the perspective of a potential buyer , identify the strengths and weaknesses of your company , and even create a checklist to develop and prepare your business .
make the world a better place , and give back to honor the luck and success they have achieved .
Throughout the process of preparing your organization for an exit , an owner needs to sincerely remove themselves from the business . This will allow the company to establish its value so you can start planning for your next chapter with intention .
Michael Smith
Michael Smith is an entrepreneur and technologist with over 20 years of experience driving marketing and business innovation strategies . Michael has established himself as a facilitator and builder of world-class marketing and technology teams for over 1,000 B2B and B2C companies , with a primary focus on start-up and scaled-growth strategies .
As a Managing Director at STS Capital Partners , a global M & A firm that focuses on sell-side advisory , Michael brings his proven networking , collaboration skills , and industry expertise to create fruitful partnerships so he can help STS clients achieve their own Extraordinary Exit .
Michael holds a bachelor ’ s degree in management and marketing from Bentley University . Additionally , Michael completed five years of presidents ’ seminars at Harvard University ’ s Graduate School of Business Administration .
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SEPARATE YOURSELF EMOTIONALLY
The process of preparing to sell your business is also an emotional journey as an owner . If you want to release your business to the right buyer , it is key to detach yourself from the personal ties you may still hold . The most crucial but often overlooked step when preparing for an exit is facing the challenge of defining and uncovering why you are selling .
Upon reflection , you have to ensure that your business doesn ’ t determine self-worth or you simply won ’ t be ready to sell . Achieving detachment allows you to take an external and logical perspective of your business , which you will need if you want to effectively market your “ product ” to the right buyer .
YOUR JOURNEY TO SIGNIFICANCE
Business owners preparing to sell should look inward throughout the process . The key to unlocking your “ why ” lies in one life ’ s journey towards significance . Some people find that their work life is all they need to feel honored , worthy , and important . But when an entrepreneur succeeds in exiting a business , all that changes .
A great CEO ’ s success can be tied to the impact they had on the lives of their employees , vendors , and customers . That need grows after a successful exit along with one ’ s ability to impact more people ,
TAKE THE FIRST STEP TO AN EXTRAORDINARY EXIT™
STS Capital is a global M & A firm that takes a sell-side only approach to find the right strategic buyer for your privately owned business . By selling your business strategically to the people that buy strategically , STS helps you achieve maximum multiples , create legacy potential , and realize true potential value . That ’ s an Extraordinary Exit™ .
If you are a private business owner with annual revenues of $ 50M- $ 2B who is interested in a complimentary strategic business evaluation , please email Angie Scheribel at ExpertGuides @ stscapital . com .
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