Once your operations are sustainable and organized, a professional business plan with quality content will help you sell your business for a high price. Work with your San Diego business attorney to create a top quality plan after familiarizing yourself with the basics of this important component of your business sale.
A winning business plan includes the details of your business’ functions and finances, as well as systems your team have developed to perform specific tasks. From the seller’s perspective, the purpose of a business plan is to present the positive elements of your enterprise to prospective buyers. Your plan is your most essential marketing tool, since it constitutes a prospect’s first impression of the numbers and results your business can produce. Use this plan to spark your prospects’ interest and keep them thinking about your business long after you have concluded your presentation.
Components of a Strong Business Plan
Creating a strong business plan can make the difference in obtaining a high price in your business sale, since it is your best opportunity to convince prospects that your enterprise is sustainable and profitable.
In your business plan, describe your services, clients, operations, and information systems. Provide information on your management and employees, as well as the financial performance and strategic vision for your business. Conclude your plan with a summary of the included information. Work with your San Diego business consultant in presenting this information in a professional manner that will impress prospects, inspiring their trust in your ability to build a profitable enterprise.
Collaborate with your San Diego business lawyer to create a business plan that grabs the attention of prospects. Advisors such as your wealth management firm may be able to refer you to services that will significantly improve the content of your plan, assisting you in incorporating graphics, images, and charts.
In addition to catching the eye of a potential buyer, your plan should be easy to read and understand. A simple, clear business plan communicates to prospects that your business will be easy to take over and run profitably, relieving prospects’ fears of complicated or poorly communicated operating systems. Follow a few rules of thumb to maximize the efficacy of your communication: keep text short and simple, and punctuate passages with bullet points and numbered lists. Let diagrams and graphics do most of the work, and use text to reinforce data. The complete business plan should explain how your business works, while highlighting areas of exceptional success.
Business Plan Presentation
If you have ever attempted to organize a group or event using the Internet, you’ve probably noticed how frustrating telecommunication can be when it comes to time sensitive and important material. Presenting your business plan in person may prevent it from landing in a prospect’s e-mail trash folder or junk mail pile. A personal presentation will also allow you to control every aspect of a prospect’s first impression of your enterprise.
Take advantage of this opportunity to impress potential buyers with your competence, organization, and excellent communication skills, all of which will translate into a positive first impression of your business. Work with your business lawyer, who will look at your business materials with a valuable fresh pair of eyes, and can help you decide which information should be highlighted in your business plan presentation.
When making your presentation, use a projector and presentation tools such as PowerPoint or Keynote, and leave prospects with corresponding handouts. A physical reminder of your impressive business model will increase your likelihood of receiving further inquiries or bids as a result of your presentation.
A prospect may wish to access material regarding your business in advance. In this situation, it is important to avoid detracting from the flow of your presentation or losing the opportunity to control the spin with which you present information. For example, some of your data may have the potential to impress prospects with correct delivery, but may appear mediocre without the context of your presentation. Avoid damaging your business sale in this situation by sending only enticing information, such as financials and growth projections. Discuss with your San Diego business lawyer and decide strategically which information you should withhold until you can control its presentation in person.