Mark Osborne, a business broker, explains that documenting your operational systems is crucial to making your business sellable. When knowledge exists only in the owner's head, buyers can't verify the business will survive without them. Written systems prove the company can run independently, making it far more valuable.
Having been a business broker, you know, one of the things that I hear consistently is that, you know, one of the best ways to improve the value of your business as an asset, as a resellable asset, is by documenting systems. Because if it kind of all lives between your ears, it's really hard for an external person to kind of validate, you know, that it's really there and that they could have success with it, that it's not just dependent on, either the charisma or the brilliance of the current person running the business.
How Can You Maximize Your Business Value Before Selling? with Randy Katz Video
