There are a number of questions to ask when selling a business, and today I want to share a brief story with you on this topic. Recently, some people came to me talking about the topic of wanting to sell their business.
Selling Your Business or Exiting Your Business?
After asking a few questions, we found that what they really wanted to do was exit the company but still have the revenue that comes in from the business. We all know that property management has consistent income. So, what are some things you can do when you’re thinking about a plan to exit your company?
Documenting Policies and Procedures
If you’re a sole proprietor, the first thing you need to do is to begin getting things that are in your head out of your head and onto paper. That includes all your policies and procedures. Put together your procedures checklist and all of the policies that have helped you run your company. Gather your forms and checklists and any of the things that you may have developed over the years.
Use the Procedures Checklist to Hire and Train
Start putting those policies and procedures in place so you can begin delegating your responsibilities down to employees. Or, if you need to hire someone, you can use those same tools to train the new team members so you don’t have that fear of losing control.
If you have more questions about how to exit out of your business, check out the products we have available at LandlordSource. They are there to help you.
Please don’t hesitate to contact us at Landlord Source if you have any questions about selling a business or you need to put together things like a selling a business checklist. We can help you decide what you really want to do, and put together a plan to accomplish it.