Can you make yourself less important to the business?

One of the greatest shocks to a business owner can come when he looks to get his business valued. He might be informed that he is the business, and that if he is removed from it then the business has no value.

Relatively few letting agencies are one-person operations like this, but many do rely strongly on the personality, contacts or involvement of the business owner on a day-to-day basis. Where the agency owner is a well-known figure in the community, it may be that his or her personal relationships with landlords are what keeps them as clients. Without that personality at its head, the business is severely devalued and a lot less viable.

He might be informed that he is the business, and that if he is removed from it, the business has no value.

Your letting agency will be far more desirable and valuable if you are less involved in the day-to-day operation of the agency, and focused instead on providing oversight and strategy. Agencies like this are simpler to acquire, because other staff will transition with the business sale and continue to operate it. The change in ownership need not disrupt the business much at all.

If you cannot step back, plan the handover instead

In reality, many letting agency owners are involved in the day-to-day running of their businesses, but if they plan well, this need not obstruct a smooth sale. If you cannot, or do not want to, make yourself largely redundant from the business before you sell, then you should at least facilitate the sale by putting a transition plan in place for when a sale is agreed.

This transition plan should make clear the roles and responsibilities that you currently fulfil, and identify which would transfer to the new owner and which could be filled by a new member of staff who would need to be recruited. The plan would also cover a transition period while you train that person before disengaging from the business.

In this way, even where you are deeply involved in running the business, a smooth transition after the sale can still be ensured. This will also give the buyer confidence in the acquisition, because there are fewer risks.