Inside TDV - The Data Vault Blog
Can Records Management Help Sell Your Small Business?
America has long been known as the land of opportunity, with many people taking advantage of the pro-business environment to start their own enterprises. While some inevitably fail on their path to success, others find themselves in a position of strength and look to maximize the return on their time invested. This can come in many forms, but for a significant number of people that results in the sale of the business in order to focus on other endeavors.
One vital step in this process is maintaining quality records management practices that will be necessary as the sale proceeds. “The importance of keeping adequate, legible, complete records cannot be stressed enough. Without records, you cannot see how well your business is doing and where it is going. This is your feedback mechanism and “report card.”… If you ever plan to sell your business, you will need to substantiate your representations and claims about the business” notes Richard Zarzecki, a Florida business broker. Establishing the value of your company is an important function that occurs before it ever goes on the market in the first place, allowing potential buyers a chance to ‘kick the tires’ and ask important financial questions.
Even if you’re not considering selling your enterprise today, it doesn’t hurt to be ready for the possibility in the future. Knowing that prospective buyers will be using these documents to determine the value of your company, keeping them clearly organized and ready for retrieval can help you see a clearer picture of your organization’s position today while making good choices for the future. Taking advantage of the best records storage services can help you meet this goal, with functions like document imaging and file indexing creating a more efficient system than traditional on-site filing cabinets. If you’re not sure about your current practices or are looking to make some changes, contact us today and one of our information management experts would be more than happy to discuss the options with you!