Some business owners forget to plan for their exit strategy, others recognize that the last part of their business ownership can have a major effect on what the financial reward their business can provide them and the legacy that they will leave with their employees, customers and the community when they leave their business.

Increase the Price You Get for Your Business – Businesses are usually run just how the owner wants. However, you can probably get make your business more salable and valuable in the marketplace by making it more appealing to a buyer. Many of these changes have bigger impact if they are done long before the business is put on sale. To get the most impact, these changes should be made at least one to two years before you are thinking of selling.

Here are just a few changes that can have a big impact on the price you get for your business:

• Key Employees – One of the biggest concerns buyers have when they look at your business is that when you walk out of the door, much of your business goes with you.
• Report Income – When it comes to reporting income, you, like most small business owners, want to pay as little in income taxes as possible.
• Customer Concentration – Customer concentration is a major issue when more than 10% of revenues come from one customer or when more than 25% of revenues come from the top five customers.