Overview
Welcome to Preparing to Transfer Working Knowledge, the final module created to help you to sell your enterprise. So far in the Sellers section, you have explored the following:
- Looking at market share.
- Reviewing contracts, leases and agreements.
- Assessing the experience of the key employees.
- Understanding buy/sell agreements.
- Establishing your goals and priorities for the business.
- Considering the value of a broker.
- Developing a “dream deal” that would be acceptable.
- Determining the most likely sales price of the business.
Learning Outcomes
By the end of Preparing to Transfer Working Knowledge, you should be able to:
- Provide a timeline and communication path with a potential purchaser.
- Develop an inventory of skills of your key employees.
- Identify skills unique to the owner and create a plan to transfer the skills to employees or the purchaser.
- Document key aspects of the business and review them with the purchaser.
- Communicate any financial support available from the seller.
- Identify a succession leadership development plan for current employees.
- Facilitate relationships between experienced and inexperienced workers.