As I began to move my consulting practice toward helping owners who are wanting to sell their business in the next few years. And began doing research for my book “Double or Nothing”, I came across a startling and tragic statistic.

82 out of 100 businesses fail in their attempt to sell their businesses. 82% failure rate very sad. I think of all those owners with high hopes of fast cash and money to fund their next adventure. Some will try again, others will liquidate, and others will just hang on as long as they can.

It doesn’t have to be that way. There are four key strategies that any business owner can follow to increase their value and the odds.

Strategy #1 – Perspective! You must understand the potential buyer’s perspective. You have to see your business through their eyes. This is had to do because owners are too close to the business to see its flaws like an outsider can.

Strategy #2 – Planning! Develop a transition plan. Get help from experts. I like to find out the exact market value of a business with a certified appraisal and study those things that are driving down the value. Develop a plan to improve each value driver that will increase the sale price of the business.

Strategy #3 – Performance! Know your performance numbers. Clean up your books and compare your profit performance and many other metrics with other businesses in your industry. A potential buyer will scrutinize them very carefully.

Strategy #4 – People! Focus on the people that make up your organization. Make certain you a staff that a new owner would see as an asset and realize he needs them to stay successful. Ideally the employees would be able to function for long periods of time without the owner’s presence.

In conclusion, a business owner can greatly increase the value of their business and the likelihood of finding a buyer. It will take effort, planning and the help of experts, but the dividends are incredible!