Alright, folks, let’s say you’re ready to sell your business. Maybe you’re dreaming of a beach house, a boat, or just a life where “urgent email” isn’t your alarm clock. I’ve been there—after hustling through $450 million in sales at Living TN, I learned a thing or two about cashing out with a grin. Selling’s not just about slapping a “For Sale” sign on your company and hoping for the best—it’s about making it shine like a freshly waxed truck at a tailgate. Here are five steps to pump up your value before the handshake, with a dash of humor because, let’s face it, we could all use a laugh.
1. Get Your Financials in Fighting Shape
Buyers love numbers more than my dog Delilah loves chasing squirrels. If your books look like a toddler’s coloring book—scribbles, coffee stains, and a random “IOU” to your cousin—good luck. Clean ‘em up! Get revenue, expenses, and profits so clear even your grandma could read ‘em. I once had a buyer balk because my “miscellaneous” category was bigger than my payroll—lesson learned. At Icon, we’ll help you scrub those financials until they sparkle, because a messy ledger screams “run” faster than a skunk at a picnic.
2. Build a Team That Doesn’t Need You 24/7
Here’s a truth bomb: if your business collapses without you playing puppet master, it’s worth about as much as a one-legged stool. Buyers want a machine that hums, not a circus that needs a ringmaster. Back when I was scaling Owen Capital, I had to train my crew to run the show so I could
sneak off for a lake day. Delegate, document processes, and prove it’s not “The Daniel Show”—or whatever your name is. A self-sufficient team? That’s gold, baby.
3. Polish Your Story (No Tall Tales Allowed)
Selling a business is like pitching a movie—buyers want a blockbuster, not a B-list flop. What’s your hook? Maybe you’ve got a loyal customer base, a niche nobody else touches, or growth stats that’d make a tech bro jealous. When I sold parts of my real estate ventures, I leaned hard on the “500 families served, $125 million in sales” flex. Ditch the fluff—buyers smell BS a mile away—but make your wins sing. We’ll craft your pitch at Icon so it’s tighter than a banjo string.
4. Fix the Leaks Before They Sink the Ship
Got a client who’s 80% of your revenue? A lawsuit brewing? A coffee maker from 1995 that’s one spark away from a fire? Fix it. Buyers are like nosy in-laws—they’ll find every flaw and haggle you down to a nickel. I once lost a chunk of value because our tech wasn’t up to snuff—don’t make my mistake. Shore up risks, diversify your income, and maybe upgrade that coffee maker. Icon’s got your back with due diligence prep, so you’re not caught with your pants down.
5. Time It Like a Stand-Up Comic
Timing’s everything—drop the mic when the crowd’s roaring, not when they’re asleep. Sell when your revenue’s climbing, your industry’s hot, or you’ve just landed a big win—not when you’re limping along like a three-legged dog. I’ve seen owners wait too long and watch their value tank, or panic-sell and leave cash on the table. Look at your market, your numbers, and your gut. We’ll crunch the trends at Icon to nail that sweet spot—because nobody likes a punchline that flops.
Why Bother?
Here’s the payoff: every dollar you boost your value now could mean thousands—or millions—later. A $10 million business with a 5% bump? That’s half a mil extra for your boat fund (or, you know, sensible stuff like taxes). I’ve lived this—prepping my companies for sale wasn’t glamorous, but it paid off bigger than a jackpot at the honky-tonk slots. And trust me, buyers notice when you’ve done the work—they’ll pay for polish over potential any day.
So, if you’re thinking exit, don’t wing it. Take these steps, laugh at the chaos, and let Icon Business Advisors turn your “for sale” into “sold!” We’ve got the tech, the know-how, and a team that’s been in the trenches. Drop me a line—let’s chat about your value over a virtual coffee (or whiskey, no judgment). Because selling your business shouldn’t feel like a root canal—it should feel like a victory lap.
Daniel Askew is the CEO of Icon Business Advisors, a Nashville firm that turns lower middle market headaches into high-fives. When he’s not maximizing value, he’s dodging his kids’ Nerf darts or plotting his next escape to the woods.