Did you know the better records you keep, the more your business is worth? People will pay a higher price for a business with accurate and transparent records keeping. Selling your business involves organizing all your old contracts, leases, bank statements and other records and delivering them to the buyer. Today, business owners can deliver these documents quickly and easily with Electronic Records Management (ERM).
I have a customer in the process of selling a business with about 150 employees. Thankfully, all of their accounting records, HR records and leasing records are digitized. They called me to say they are entering due diligence. The prospective buyers were asking to look at files. I was able to grant the buyers access to the records within moments. I created a username and password with read-only permissions for the users representing the buyers. I then created a folder for the appropriate records and let the buyers have a view-only access. They were able to see everything in a controlled environment. They could see anything pertaining to the sale and were not in the office disturbing existing employees. We were able to maintain confidentiality for the seller (for example, personnel records) and at the same time fulfilled the buyer’s needs faster and at a lower cost than traditional methods of copying and shipping records. Electronic Document Management makes buying/selling a much less expensive process and the potential buyer sees it as a huge selling point.
You might be thinking to yourself, "I might be interested in selling my business ONE day, but how can ERM help me TODAY?" What is the immediate benefit for you to convert to Electronic Records Management?
- Accountability. Much of what we do is driven by documents. Data Storage can install a workflow in your document approval or handling process. Management can then observe weaknesses and make adjustments to the process.
- Labor Savings. ERM reduces the amount of touches and clerical chores that are done each day. A great deal of what we think of as secretarial work disappears entirely with Electronic Records Management. Tasks like filing, stapling, collating and all the trips to the copy machine are no longer necessary. This frees employees up to focus on other aspects of their jobs.
- Auditability. You can see who saw what, when, and what changes were made.
- Document Sharing. If you’re not selling your business, this is the Number One reason that your company should convert to Electronic Records Management.