When you start the method of selling a business, it is common to identify and prioritize opportunities to enhance the business valuation and act on them.  This typically results in a portfolio of projects, a number of which could become derailed at some time, and might even derail your sales process.

The bottom line is facing reality through constructive questioning and disciplined execution and accountability.  Build a realistic understanding of the project and people.  This can mean taking the initial few weeks moving extremely emotional meetings to productive ones.  It is a balancing act to get to the heart  of a challenge through persistent and constructive probing, and then productively working on it.

I have several detailed methodologies I I take advantage of to right derailed projects, and good questioning is at the center of all of them.   Below are specific diagnostic questions you will be in a position to use if you find yourself in a similar situation.  It will be as simple as the "Start-Stop-Continue" approach.   Think concerning the activities and deliverables in terms of "start, end, continue." Work with the project team to suppose about:

• What do we start doing to help us meet our project goals?  What would we benefit from adding?
• What do we stop doing going forward?  
• What should we be sure to continue?

For those times that need a more rigorous examination, more is needed.  Questions will need to probe deeper into project processes, problems, employees and overall strategic alignment.   If obtainable, consider reviewing detailed operating plans, performance and personnel data. 

Raw knowledge, however, rarely tells the whole story.  Meet with one-on-one with key personnel with prepared queries such as:

• What are the largest challenges the project is facing, and why is the project facing them?
• What is being done regarding these challenges currently?
• What are the most promising unexploited opportunities for positive change, and how could we take advantage of them?  What would want to happen to comprehend their potential?
• How were goals set?  Were they insufficiently or overly challenging?  What happened  if they were not met?
• What are we doing to measure success?  What measures were utilized?  What behaviors did they encourage and discourage?
• Do the primary problems reside within the organization’s strategy, structure, technical capabilities, culture and/or politics?
• What are the foremost formidable barriers to making needed changes?  Are they technical?  Cultural?  Political?
• Are there islands of excellence or alternative high-quality resources that we will  leverage?  Who is doing well, where is it working and what will we learn and apply elsewhere?
• What new skills and capabilities need to be developed or acquired?
• If you were me, what would you focus attention on?

When reviewing the project proposal, consider:

• Are all the deliverables and their quality check points included as milestones?
• Is time for rework in the schedule? Should it be required?
• Are the chunks of work too large? Can you go down another level with the work breakdown structure (WBS)?
• Are there milestones a minimum of once every a couple of weeks?
• Are all dependencies in place?
• How reliant is the timing on everything proceeding precisely as planned? Is there a buffer when one thing doesn’t go as planned?  I frequently place a 15 percent risk buffer.
• Are qualified resources assigned to all or any tasks and milestones?  Are the resources receiving the support and coaching they have?

To get a project back on target, translate desired outcomes into concrete steps for action.  Set goals and priorities and put structures in place to create order out of chaos.  Establish measurable milestones and accountabilities and report on them regularly.  Focus the correct individuals on the proper details at the right time.  By concentrating on a high level of responsiveness, accountability and communication, these vital projects to boost the value of your business before you sell it can move forward. 

When selling a business, it is important to keep your fingers on the pulse of the multitude of preparation projects you will have happening, and quickly act to put them not off course if necessary.

I invite you to use these ideas throughout your journey to sell a business.

Marian Cook is a highly sought after business transition expert and speaker with over 25 years experience helping business owners design their best-life exit strategy, and improve their business performance and valuation.  She is the co-author of “Selling Your Business For More:  Maximizing Returns For You, Your Family and Your Business” (published by Macmillan).  If you are ready to sell a business and jump-start your business sale process, connect with Marian via her free tips, articles, checklists and blog at Business Transition Experts.

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