Episode 597: “How should I position my company in order to prepare to sell it in the future?”

Today’s episode was recorded on a boat during an activity day in Costa Rica during a Diamond Mastermind, with Diamond member Mohan Dandamudi who lives in Chicago, Illinois in the USA. Mohan has had a family business for over 25 years and he wants to know what is the best way to position his company for selling at a future date.

I talk about the importance making sure that your business has specific processes in place and that all of those processes are documented so that a new person coming in knows exactly what to do to successfully run the business.

I discuss the profitability of the business over time – and stress that you need to have good financial systems in place and ensure that your record keeping is accurate and has been audited.

I explain some of my personal experience with purchasing a business and share some of the things that I look for from the other side of that type of transaction.

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