
A buyer will be more confident of a smooth transition and the ability to continue to successfully operate the business if they know there are detailed procedures for all aspects of running the business. If your business doesn’t have detailed written policies and procedures, it may seem like a daunting task to create them. Enlisting employees to document their particular jobs and tasks will make this far more manageable. Not having detailed written policies and procedures is one of the biggest missed opportunities for potentially increasing the value and marketability of a business. Doing this may also help you achieve better terms while not requiring as much time for due diligence, training, and transition. A few books that may be helpful for creating better systems include: “E-Myth Mastery” by Michael Gerber, “Work The System” by Sam Carpenter, and “The Toyota Way” by Jeffrey Liker. See below: