Although the ideal time to decide the structure of your organization is before you establish it, there may be reasons to consider restructuring your business once its established (and by restructuring your business and organizational structure, I’m referring to the arrangement of roles and responsibilities; for example, hierarchical, flat, etc.). Even a company operating for decades can benefit from taking a closer look at how it is structured and determine the best structure for meeting the organization’s present and future needs.
On its surface, choosing a structure may appear to be a simple exercise. For a one-owner/one-business operation, that is typically the case; however, more complex businesses have a variety of issues to consider when structuring the organization. When deciding how to structure your business, be sure to make the following key considerations:
You own a car dealership, and you want to sell it. Of course, you want to get the best price and terms possible. The question is, how? In my previous post, Top 5 Do’s When Negotiating the Sale of an Auto Dealership, I presented the five best practices to negotiate the sale of a car dealership and get everything (or nearly everything) you want. In this post, I help you steer clear of common pitfalls that can sink the deal or keep you from getting what you really want out of it.
1) Don’t hide from the reality of what your company is.
The strengths of your auto dealership are easy to see, because the dealership is your business and you have put your heart and soul into it. What is more difficult is to see what may not be working as well as it could, or areas where your business is challenged. Challenges may be limitations in terms of personnel, location, business environment, or even personal bias.
Since prospective buyers will