Preparing a Business for Sale in 3 Steps
We've created a 3-step guide to help prepare a business for sale, including exit planning, assembling your deal team, and starting the M&A process.
Advisors, Business Owners, Private Equity
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Specificity is one of the keys to a successful New Year’s resolution. So if you’re looking to increase your work productivity in 2016 (who isn’t?), here a few suggestions for particular areas to focus on in 2016.
1. I resolve to… organize my email.
Are you constantly at war war with your inbox? Just when you get it under control, dozens more messages come pouring in. Then, you can’t find that important message buried under all the junk mail and promotions.
First, try Unroll.me. This free service — great for both work and personal email — allows you to see all the promotional email you’ve subscribed to or been subscribed to, unsubscribe from those you don’t want, and “roll up” all the rest into one daily email. You receive just one email with all your subscriptions that you can read on your commute or lunch break.
Then, figure out an email system that works for you. Yes, this will require some upkeep — that’s part of the resolution — but it’ll save your sanity and ensure you never forget about or lose an important email again. Add categories (in Outlook) or labels (in Gmail) to create a filing system for emails you need to save. Archive emails you’ve dealt with, and set aside 10-15 minutes each evening to make sure you’ve filed every message from the day appropriately.
Other tips:
2. I resolve to… make the most of business trips.
Business trips are often stressful, and many professionals’ inclination is to get in and get out — go to that meeting or conference, then hop in a cab to the airport. But doing so may mean you miss out on connecting with valuable new relationships — business prospects, CEOs, or potential partners or referral sources.
Next time you’re planning a business trip, ask yourself if there are people or businesses near your destination that might be productive to visit. If you’re an investor traveling for a management meeting, add on an extra day to meet with bankers. Hitting it off with even one new contact over coffee or a beer could pay dividends in the form of deal flow for years to come. If you’re a business owner traveling for a conference, take the time to attend the networking cocktail hour after the content sessions are over. Sure, it’ll mean you get back home a few hours later — but you may meet a new supplier who can help you cut costs, or the owner of a company you go on to acquire years down the road.
3. I resolve to… maintain my to-do list.
First, you need to find a to-do list system that works for you.
Some people swear by the classic pen-and-paper, cross-things-out-when-they’re-done method. Seeing the thick black line gives them a sense of accomplishment no digital program can rival. If you go this route, be sure to start a new list every week, or every evening/morning if you have a lot of small unpredictable daily tasks. This way you can keep stock of what you accomplished and re-prioritize depending on shifting goals.
Others prefer to go digital — this way, you don’t have to keep restarting your list as things change, and you can take advantage of the opportunity to make multiple connected lists, link to documents, or share your lists with colleagues working on the same or interrelated projects. Here are a few software options to look into:
Just like email, maintaining a to-do list is all about putting in the effort. Set aside a few minutes each day to update your list, and be sure to really commit to one system. Putting some of your tasks on a Post-It note, others on your phone, others in a notebook, and others on an online program won’t help anyone — least of all yourself.
Happy New Year!