25 Sep Around the Web: A Week in Summary
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A recent article from Forbes entitled “Sell Your Business: 6 ChatGPT Prompts to Make It a Reality” discusses the six steps ChatGPT recommends to take when preparing to sell your business.
In business, you always have options. You can continue on your current path at a steady pace. You can hang back, put your work on ice, and explore other things. Or, you can get intentional about creating a sale-ready entity and finding someone who wants to buy. If you’ve lost your business mojo or you want a new challenge, selling your company might sound appealing. But without people around you who know what it takes, it can feel impossible. Here’s how entrepreneurs can get actionable insights from ChatGPT to sell their business effectively:
- Make a robust plan
- Find the right buyers
- Craft your initial outreach
- Create a compelling pitch deck
- Prepare for questions
- Prepare for scrutiny
A recent article from Northwest Indiana Business Magazine entitled “Strategic steps to take before you sell your company” discusses eight steps to take before selling your company. Before initiating the sales process, it’s crucial to evaluate the financial health of your business. Prospective buyers will closely examine financial statements, profit margins, cash flow, and growth potential. Consider the following steps:
- Review your financial statements, including the balance sheet, income statement, and cash flow statement
- Clean up your financial records
- Analyze your company’s profitability and cash flow trends over the past few years
- Assess the value of your company’s tangible and intangible assets
- Evaluate your company’s outstanding debts and liabilities
- Review your company’s tax filings and ensure compliance with applicable tax regulations
- Assess and articulate the growth potential of your business to prospective buyers
- Prepare realistic financial projections that demonstrate the future growth potential of your business
A recent article from Exit Oasis entitled “Planning to Sell It Changes Everything” discusses a business owner’s point of view on why it’s important to prepare for the sale of your business and how proper planning will help you in the long run.
“I sold a small business at the end of 2017. I owned the business for 3 ½ years, and during that time increased the value by 125%. I’m thrilled with the outcome of the sale, but I have been watching the new owner operate the business with more than a little jealousy. He’s been able to do several things that I couldn’t let myself do,” says the author.
Their best tip? If you think that you might like to sell your business in the future, start planning your exit goals now.