Be The Business Worth Buying

Dreaming about retirement? Before putting your feet up, you’ll want to do a little homework so you can fetch the highest price for your business — and thus enjoy your golden years to the fullest. Take it from former SAF President Shirley Lyons, who, last summer, sold Dandelions Flowers & Gifts, the Eugene, Oregon shop she and her husband founded in 1974. “The idea is to be turnkey ready,” she said. “Prospective buyers want to step into a business that’s already functioning well and that doesn’t require them to invent processes.” In this guide to succession planning, she joined with expert Paul Goodman, MBA, CPA, PFCI, to offer a blueprint on how to get your financial affairs in order, with specific examples that boost your business’s value to buyers (and their lenders).