“I plead the fifth…”
To Americans this is a well known phrase. It’s the constitutional right you have not to incriminate yourself in a court of law.
A lot of people around the world know it from watching it in movies or when some celebrity US trial is on the news.
But when it comes to your business you cannot plead the fifth.
When an investor or buyer is looking at your business and asking uncomfortable questions, you cannot hide behind a constitutional amendment.
Questions like the following:
- What happens to the business if you were to leave tomorrow.
- If I invest in your business, what will you do with the money? Why haven’t you done it until now?
- What are your succession and team development plans? Why did you structure them this way?
- What are you reinvesting in your business? Why those areas?
You see, a due diligence process can feel like an unreasonable search if you’re not expecting it.
But if you have prepared well in advance, due diligence is your chance to show a buyer that you are sophisticated and deserve the premium price.
Your chance to highlight how prepared and professional you are and so stand out from most sellers who never bother and just hope to wing it.
Being prepared makes buyers feel more comfortable and confident in your business, and it makes the process moves faster and the terms better.
But the key is to start now.
To your success and sanity,
Thinking About Selling Your Business
We know you’ve worked hard on your business. What if we told you there’s a way to make it even better, and position it to sell one day at the top price? With Socratic Scaling, we can show you how.
In as little as six months, we can help your business stand out, scale up, and become something others would have to pay top money to buy.
The best part is these benefits start today. Even if you don’t want to sell, your business will put more money in your pocket, free your time, and be more enjoyable to run.
But you need to start getting ready now. Don’t be like the 7 out of 10 business owners who put it off until tomorrow and then find out they’re stuck with profitable businesses that no investor wants to buy, or child wants to inherit.
Click here to transform your business to give you the life you want – starting today.