Business owners are often surprised to learn how long it takes to prepare a business for sale. It's a complicated process, so we'll focus only on the highlights. This will give you an idea of why it takes so long. You might be wondering if this process applies to your type of business. If you are looking to build your personal net worth to fund your retirement with the invested sales proceeds, and, if selling for top dollar is important to you, keep reading. To help you get your bearings, this article is written from the standpoint of a Certified Exit Planning Advisor (CEPA) and business consultancy.
Phase I: Determine how much you need or want to net from the sale
This is the diagnostic phase where the CEPA finds out where you are now, where you wish to go, how much money it will take to get you there, and the basics about what could stand in your way, either personal or business.