We are exploring the recently released book, “The Exit Strategy Handbook” by Jerry Mills, the founder and managing partner of B2B CFO®.
Last week this blog covered reasons why deals don’t reach completion. The primary reason for deals not happening is declining financial performance. So how does a business owner manage the sale process and keep the business growing and excelling?
In “The Exit Strategy Handbook”, Mills lists four areas of focus:
- Minimizing distractions
- Increasing sales and sale diversification
- Improving processes and efficiencies
Some steps that the business owner must take to avoid distractions are listed by Mills:
- Delegate as much as possible to The Success Team™.
- Hold the individual members of The Success Team™ accountable.
- Fire and replace unproductive members of The Success Team™.
- Work as if the sales transaction will fall through.
- Work up to the day of the close.
- Remain the innovator, the dreamer, the visionary and the idea generator- (Mills defined these as Finding Activities).
- Try to keep your Finding Activities to 70% or more of your time.
- Set realistic goals and start the process to achieve those goals.
- Ask a trusted advisor to immediately tell you if they feel you are getting too distracted.
- Never quit.
This is such a critical topic that I will explore Increasing Sales and Sales Diversification in the next few blog.
B2B CFO® has over 200 experienced chief financial officers have deep knowledge of transactions and business improvement that can be tapped to help you sell your business. You can explore the backgrounds of our team at www.B2BCFO.com/index.php?page=cfo-directory .