To correctly evaluate the true value of a business, create and implement a Value Improvement Plan that increases business value, and prepare for the final exit or transition of the business owner takes time.
Creating a team of legal, financial, and strategic advisors and creating a process to involve all the appropriate stakeholders requires planning and patience.
So begin with creating a core team that will help plan and execute the plan over the extended timeframe of the planned exit event or transition. The plan needs to consider legal, accounting and tax issues. The plan needs to determine the expected valuation of the company and establish a plan that improves that valuation.
An action plan needs to be created and reviewed regularly to assure that the planned activities are executed properly and in a timely fashion. Review is critical and changes in the marketplace or other changes in operating conditions need to be integrated into updated plans.