Why having an exit plan is important:
Is your business your pension? Do you want to step back/retire at some point? Are the fruits of your labour going to have to support you through your retirement?
Planning your business exit strategy is vitally important. Whether you want to pass it on to your children, sell it and take the money, or let your management buy you out.
It is never too soon to begin thinking about Exit; you need to know what your goal is ahead of time so you can set the business up to get the most value out of it. At least 3 years financial accounts are needed, that are independent of the owners hands on operational involvement.
What do we find?
If your business is dependent on you, it probably isn’t saleable. Too many business owners think about this too late in the life of their business because it takes time to develop a business to the point where it is worth something to someone else. As a result they can’t or won’t get the value out of it that they want.
Few business owners truly understand how to get the value out of their business; often their accountant doesn’t either!
How can we help?
Pro-actions have a whole host of advisers who have first-hand experience of “finishing” businesses and know how to get value from a Business Exit. We also know that this process ideally needs to start as early as possible in the life of the business, the most successful business sales usually come when it was the starting intention to sell the business.
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So you have your marketing plan sorted out (if not, see our previous blog in this series for some useful pointers). Now you just need to make it happen.Read More
Those that plan … win! A good marketing plan dovetails with your business plan. Together they act as a navigation system for your business: assessing the conditions and setting the strategic direction.Read More