In Business Taps CEO Elizabeth Hale to Explain Steps to Position a Business for Acquisition
May 03, 2023
Although a common exit strategy for executives and entrepreneurs, selling a business is a complex process, leaving leaders unsure where or how to start. In an article for In Business, eeCPA CEO Elizabeth Hale shares six steps business owners should consider as they position their company for an acquisition.
Many of the steps entail taking a deep dive into the business, with particular emphasis on finances and operations. What is the state of the financials? What about other business records? It’s also critical to understand that the process will require a team of experts to ensure success. Business owners must build a team of attorneys, accountants, bankers and other specialists to assess and prepare the organization for acquisition. They also can help develop workable tax strategies that minimize tax liability upon completion of the sale.
Perhaps the most important step in preparing a business for sale, however, is taking time on the front end to reflect on the reasons behind wanting to sell. Why do you want to sell your business? What do you hope to accomplish next? Why is this the right move right now? Knowing the reasons behind wanting to sell will determine how business owners and entrepreneurs approach the rest of the process.
Are you ready to explore a business sale? The accounting and consulting experts at eeCPA can help you navigate the complex and nuanced process to ensure a successful acquisition that meets your goals.