PART 2 (click here for Part 1)

Your Action Plan for Market Readiness

Take an honest look at your business. Give yourself a reasonable time-frame to bring your business into full market readiness. Strategise and set targets to improve performance and minimise risk.

Financial: go beyond asking "do the numbers add up?". Where do revenues, costs and profit need to be to present the best buyer opportunity?

Strategic: a compelling business model, sound management systems, streamlined processes - these are what a potential buyer is looking for.

Human: be upfront with your team and work through potential HR issues well before taking the business to market.

Assets: make sure all equipment is well-maintained, the premises are clean and well-organised and that any other assets are in good order. A potential buyer will be turned off by the prospect of any urgent major upgrade during the honeymoon period as new owner.

Risk: assess the risks to your business and put plans in place to minimise or manage them. For instance, does the business depend on a single key client or one vital supply chain? Can you attract other clients or line up alternative suppliers? Or can you secure that key client or supplier with suitable contracts? Make sure your systems are fully compliant with all relevant legislative requirements - such as health and safety - and all staff are fully trained on all systems.

Legal: settle any court cases or disputes looming over the business before you go to market. Look at the ownership of all the business’ assets - do you or the business have complete (and documented) ownership over them all? Does the business have any intellectual property assets which give the business competitive edge? If so make sure they’re trademarked and patented.