What is your ultimate plan for your business? Want to sell it and walk away with a chunk of cash? Want to leave it to family or a partner? No matter if you are thinking of exiting your business now or many years from now when you retire, it is never too early to start planning. Why? Because exiting a business properly and prosperously takes strategy.
The first thing you need to understand is that most people investing in buying a business are not looking to buy a job. So, your first step is to ensure that the business can run on its own without you. How do you do this? You must implement proper business systems and tools in the business that allows you to step away from the day-to-day operations. But be careful! Without having the proper things in place, stepping away could be detrimental to your business and set you back. It is imperative to have strategic business systems in place that can be managed and measured with a scorecard. The scorecard will tell you how effective your systems are without micro-managing.
There are other things to consider in maximizing your exit such as:
- Maximizing business value
- Ideal Market and Buyer
- …and many more
As you can see, it’s not as simple as waking up one morning and saying “I’m going to sell my business today”. To maximize the return from the business you have worked so hard to build, takes planning and strategy and the time to start is now!
Click the link below to contact us to discuss how to start your strategy today.
