Preparing your business for exit
. Gary King .
Work less, earn more ?? | Top Business Mentor ?? | Helping business owners and leaders take action, get focussed and scale without overwhelm! ?? | If you want to stop dithering, lets chat ??
60 Second Snippet #17 - Preparing your business for exit
Surprisingly, less than 95% of small business owners have an exit plan.
Let’s face it, there’s going to be a time when we all exit our businesses.?Whether that be a commercial sale, closing the doors and walking away or it’s in a wooden casket.?Hopefully it won't be the latter.?Therefore wouldn’t it make sense to figure out when you want to exit, what value if any you would like to realise and then work backwards and develop a plan so you are in control?
I was recently "In discussion with"?Mark Fitzgerald-Cooke?of Intelligent Business Partners, a business sale broker who sell approaching 1,000 businesses per year for their clients.
We talked through?"Seven steps to increasing?your business sale value" which was a fantastic insight into the sales process from the length of time it takes, the common mistakes made, what sectors are hot right now and what needs to be in place to maximise the value.?I learnt a lot in terms of the end to end process, what buyers are looking for and the importance of planning.
If you are not thinking exit right now, you perhaps should be. You need to be in control of your exit, not somebody else.??
Even if the timing isn’t right for you to sell, being sale ready is never a bad thing.?It’s never too late to get started.
Gary