When I was a kid, our hockey coach reminded us players to keep our sticks down on the ice so we would never be caught off guard. Being prepared in hockey was everything.
Here’s a excerpt from a recent article in Label and Narrow Web magazine on the subject of owners preparing to sell the business:
We’re two years into Covid, and we’re looking at two more years of disruption. Whether you’re comfortable with it or not, you’ve got to square off and skate with purpose. Heighten your peripheral vision so you can see who’s coming from behind and from the sides. Anticipate obstacles. Get moving.
The moving part especially. Sellers tell us how much they rely on us to get them moving and keep them moving. Taking action seems risky, I know.
Owners say to me, “But, Rock – what if …”
- What if my kids aren’t ready or interested in buying the business?
- What if I want to sell to a competitor who won’t pay a fair price?
- What if a buyer wants to radically change things – or wants me to stay on?
- What if the results aren’t worth the pain and the cost to change?
As I describe in the article, the opportunities are out there, but being thoroughly prepared takes expert help. These are my best tips to get thoroughly prepared.
If you’ve been thinking about retiring, examine your timeline. Trying to get things done promptly these days is nearly impossible. If you need to line up an attorney or have a frank discussion with your CPA, schedule those things now. Everyone’s schedules are busy, and many professionals are still trying to work online versus face to face.
LaManna Consulting Group can help you develop a list of items that should be addressed when you’re pondering the next steps with your business. Don’t put this off.
Hire experts to research your market and your specific business. At LaManna Consulting Group, we can take you through our proprietary Road Map Assessment (RMA) process. The RMA analysis and report become essential building blocks in your master plan. Along with your business valuation (which we can assist with), you have the pieces for the next six months of decision-making and beyond.
Take control of the details that might slow down or derail your business. Examples include supply chain issues and availability of materials, employees who want to continue working from home or wish to change job roles, trying to upgrade equipment without attending trade shows, and so forth. It’s essential to find ways to solve these problems before they worsen. Waiting it out is not a solution.
For today’s owners, being prepared is more intense and vital than ever. And being prepared means checking the boxes in every category.
If you are thinking about selling your label or packaging business – and you truly are prepared – we see possibilities of all types in the buy-sell arena. The options are many when you have your stick on the ice and the puck within your control.
We’ve prepared an excellent glossary for owners to familiarize you with the jargon in the buy-sell arena and help you be more prepared. Download Demystifying M&A Jargon and give me a call at 561-543-2323 if you have questions.