Your business is your baby. For that reason, it’s challenging to see flaws and areas that need to be improved. Indeed, your baby may, in reality, be a hot mess. You must look at your business through an objective lens and be honest with yourself.
Before seeking investment capital or selling your business, you need to be honest with yourself and look at your business through a potential investor’s eyes. It is helpful to work with an independent and objective growth and exit planning specialist to determine whether you are Investment Ready.
1. Business partner. She works alongside you as your business partner.
2. Solid business background. The specialist should have a solid business background with an MBA or experience working as either a chief operating officer (COO) or chief financial officer (CFO).
3. Business experience. The specialist should have experience looking at the not so attractive part of a business—the back office and cash flow.
4. Business processes and metrics. The specialist understands complex business processes and metrics and has experience identifying areas requiring improvement and makes recommendations for them.
5. Business sector experience. It’s also good to have someone in this role with experience in your business sector.
6. Transparent compensation. The best growth and exit planning specialists are “fee-only” compensation—meaning there is transparency in billing so that you know exactly what you are paying for their service, and they stay committed to your success. You don’t want any hidden transaction costs, such as commission payments and referral expenses.
7. Communication skills. It’s also essential that you are comfortable working with your growth and exit planning specialist. The top professionals can communicate clearly with you and eliminate the mystery and complexity surrounding the complex processes, so you can make informed business decisions.
This professional is qualified to help you prepare and identify what needs to be changed to get your business where it needs to be, depending on your long-term goals. Mainly, a growth and exit planning specialist can help you increase your business’s value and prove its long-term value to investors.
Do one thing: Look at your business through an objective lens and be honest with yourself. How might a growth and exit planning specialist work with you to increase your business’s value and prove it’s long-term value to potential buyers or investors?