When a suitor knocks at the door

By Chris Goebel, Owner Crossroads Advisers

When my family received an offer to buy our business—Lakefront Lines and Hopkins Airport Limousine Service—we were prepared to sell. Our financials were done correctly, we had a solid management team in place, and our internal systems and processes were well defined for a seamless transition.

That preparation made our business attractive to the buyer, who confidently made us an offer that we couldn’t refuse. Getting a strong price that reflected our family’s 44 years of hard work, sacrifice and commitment to the business wouldn’t have been as likely had we not properly prepared.

Are You Prepared?

Planning for a sale wasn’t a last-minute activity for our family. It was built into our business plan from the start. You never know when a suitor might knock at the door.

As a specialist in developing exit strategies, I see many business owners who lament that they didn’t get started earlier. The most common feedback I hear after helping clients is, “I didn’t realize the process would be so complex and involved.”

That’s why it is essential to get sound advice from an expert who has personally been through the process. In fact, my attraction with the complexities of our family’s transition is what drove me to help other businesses plan and execute their transitions.

You’ve worked hard for years to grow your business, and you and your family deserve to reap the rewards of that effort. Even if you don’t plan to sell or transition your business soon, it’s wise to operate it right now with the knowledge that one day you will.

Let’s get started.

Crossroads Advisers specializes in pre-business transition planning, including succession and exit strategies, and business growth and preparation planning.

You can schedule a complimentary one-hour consultation and business valuation with Chris by calling 216-202-4296. You can learn more by visiting CrossroadsAdvisers.com.