You need to step back, think, and plan. You need to understand the process and what lies ahead – before you act. You need an exit strategy!
1. Selling My Business
Selling my business – it is complicated! Learn how the business sale process works, understand business value and how to maximize your sale price. How to prepare in advance to avoid costly mistakes when selling a business.
It can be brutal!
The toughest, most important sale you’ll ever make in your business – is selling your business. To sell your company, to make it both sellable and valuable, you need to take the time to design an exit strategy, work on succession planning, and get focused on value creation – long before putting it on the market for sale.
If you think that your timing is two to three years out and that you can therefore keep putting this off, you need to understand that “two to three years” is NOW, especially if you are in your 50s, 60s, 70s or older. The sale process itself can take 9 – 12 months, or more, from start to finish. And you can’t “time the market” for selling your company, just like you can’t time the market with your investing in the stock market.
And with all of what’s going on out there in the world, an exit strategy is critical to monetizing your life’s work! A sudden downturn could keep you captive in your business for another few years as you try to rebuild.
By the Way, It’s NOT all about YOU!
Without an exit strategy, you are not just risking your own retirement, or the next phase of life. You are putting in jeopardy your spouse, children, their families, your employees, their families and more.
Not sure where to start? Consider these questions and let’s find time to discuss:
Do you know the value of your business?
When do you want to be completely or mostly out of the business?
Can you make it through the next downturn?
Do you have a solid plan for what you will do after your exit?
Let’s discuss the sellability and value of your company!
Exit Strategy and Value Creation. Many Businesses Never Sell. Many Owners Do Not Get the Price They Need. What About You?
No attention to exit strategy. No attention to value creation. “I am tired, and I want to sell but I don’t know what it’s worth or how to design an exit strategy for selling my business.” We hear this from business owners over, and over again. To sell your company, to make it both sellable
Have you gotten this phone call, regardless of where you are in your exit planning? During challenging, tumultuous times (recession, Covid, Ukraine), this call comes from many corners. Some are legitimately interested, some are fishing, some are trying to take advantage. It may or may not be the right timing for your exit planning. In
Optimizing the sale of your company should not be a DIY undertaking. A business sale is complicated, not a do-it-yourself activity. This is not like selling your home. Business owners can and do a lot themselves, we all do. The riskiest thing you can do: The most complex transaction you will ever likely engage in
Family Business Succession Are your children ready to take over your business? The answer I usually get is something like “No, she has only been in the business for 10 years, she’s not ready to run a business.” Or, “He will get it eventually, but there is no rush.” Exit planning and succession planning are
There is a lot going on out there but designing your exit strategy is more important than ever. “Should I sell my business now?” We have always gotten this question, even more frequently since Covid-19 started. Like with the stock market, business owners too often ride the wave up and assume it will keep rising
How Can I Leave Thee – Let Me Count the Ways It is not simply a matter of handing over the business and getting a check for the full amount on your way to the islands for the rest of your life. Despite what you hear, it rarely happens that way. It may be a
Exit Planning – Succession Planning – Nine Options for Exit So many variations to an exit plan! Here are just nine themes…a brief summary to get you thinking! Within each, there are many potential paths and tools to get there. There are also serious considerations to take into account. 1. Sell to 3rd party: An