A founder should document standard operating procedures and build a business that runs without them. Start shaping the sale two years out by removing experimental marketing expenses from your P&L, which buyers hate and which hide real performance.
There actually is a lot of things that make your business sellable that are actually really good practice for just running a great business anyway. So, you know, like having well-documented SOPs, having a business where like not completely reliant on the founder and stuff like that. So all of that stuff, you know, is kind of super important anyway. I think like when you're particularly when you're more like 2 years out from exiting, yeah, that's probably the time where you want to think more deliberately about like what the package of your business looks like when it comes to sale. And it's things like, you know, probably like less experimental marketing and stuff like that. You know, a conversation we have all the time is sellers who will be like, well, yeah, I had that X marketing expense, but like that didn't really work and it's not really contributing to the numbers. So let's add that back into the P&L. And like buyers hate that stuff.
How Can You Maximize Your Business Value Before Selling? with Randy Katz Video
