When Maggie Lord started Rustic Wedding Chic, she was planning her own country wedding in Wisconsin. Initially built around a blog, the Fairfield, Conn.-based company became a trusted resource for brides who wanted to plan weddings in places like historic barns. It has evolved into a media company with ideas, a vendor guide, photos and other resources to inspire readers. Meanwhile, you wrote books such as: The rustic wedding guidewhich helped her gain a group of supporters. An added benefit was that the business gave the former middle school science teacher the flexible career she sought while raising three children.

However, in 2019, Lord knew it was time for a change and wanted to leave the company on a high note. “I really still loved the business, I didn’t feel burnt out, the company was doing fantastic from a revenue standpoint so there was no desperation, but I remember waking up one day and saying, ‘I’ve got to get down to business.’ next thing,” he recalls.

When the opportunity arose in 2020 to sell the company’s assets to retailer David’s Bridal, she took the opportunity and joined the company’s team as vice president and director of partnerships.

Lord now advises other women who want to leave their companies – a field that is equally in demand. According to the Exit Planning Institute’s 2023 National State of Owner Readiness Report, 75% of owners would like to exit their business within the next 10 years. Many people are aware that this is a way to build generational wealth.

If you think you might want to sell your business one day, even if it’s in five, 10 or 15 years, it’s helpful to have a plan. Here are some steps you can start taking now, based on my conversation with the Lord.

Start planning while you’re still in love with your business. “Business owners leave at different times, but I’ve noticed that many of them wait a little too long,” Lord says. “The perfect time to go out is now before you are experiencing complete burnout, you need to sell financially and before your business grows so big that finding a buyer becomes difficult.”

You want buyers to want to be in your shoes and run your business – without the fear that it might be so difficult that one day they’ll burn out like you did. “When meeting with potential buyers, it’s important for business owners to show enthusiasm that will make buyers feel like they’re missing out on a golden opportunity if they don’t acquire the company,” Lord says.

You are never too young to sell. While in the past it was mainly entrepreneurs of traditional retirement age who focused on exits, younger entrepreneurs are starting to get into it earlier. “Younger owners who have entered the market show a greater tendency to plan their exit compared to the baby boom generation,” the Institute notes in its report.

Get the clear result you want. It’s important to go into a potential sale knowing how involved you want to be in the business in the future. Do you want to stay in some capacity – perhaps as a consultant or employee – or leave completely? Please keep this in mind when contacting potential buyers.

Keep a running list of potential buyers. There are many reasons why you might want to sell, whether it’s to pursue new entrepreneurial opportunities, accept a great job offer, overcome burnout, or any other reason. A business broker can help you identify potential candidates, but your own ideas can also be valuable.

“While it’s important to make a list of all the very obvious buyers, it’s critical to think about buyers who may not be on the same journey as your company,” advises Lord. “I always tell my clients to look at neighboring businesses that could benefit from what your small business is already doing. When I was putting together my own list of potential buyers for my media company in 2019, I knew I had to look for a buyer who was no longer what I was doing, but a buyer who needed my company and brand to build on what they had already created “

Find out what this means for each identified buyer. The reasons why each buyer will be interested in your company may vary. Taking the time to think about what they will individually gain from adopting this service will help you tailor your marketing and communications more effectively.

Collect your financial documents in one place. Just like selling a home, selling a business requires tons of paperwork. Ask your accountant, lawyer and other advisors what documentation you will need in your state and start putting it together well in advance of the sale. Keeping it somewhere safe online can ensure you’re always ready for an offer. “Having this information in one place will make information exchange much easier than having to search for everything you need if it’s not organized,” Lord says.

Create a one-sheet marketing document. Here, in one concise document, you will highlight key areas of activity that will be of interest to sellers. It should thoroughly summarize your company’s business, the problems or gaps in the market it solves, who your customers are, key features and benefits, and include a call to action such as “Learn more by…”. and your contact details.

While templates exist, Lord recommends customizing a single sheet to reflect the uniqueness of your business. “I would encourage small business owners to stay away from generic products and create ones that are unique to their company and market,” Lord says. The beauty of creating a small business is that each one is unique – you might as well take advantage of it.