Did you
approach 2016 with the thought that you wanted to make changes, sell your
business and move onto new challenges in the near future?
Are you
thinking of retiring or handing the business on to the kids in the next 10 or
20 years?
What if you
have just started a business and are full of enthusiasm for all you are going
to achieve?
You may have
started out with an image of what your business would look like when it is
running successfully, but have you thought about what you want your business
exit to look like? The ending seems very unimportant at the outset compared to
the immediate demands of generating sales and an ongoing income. However, if
you pay no attention to this, it could be that you end up with a job for life,
as you still need an income and the business can’t manage without you. It’s
very flattering to think you are indispensable, but it isn't really the path to
a guaranteed income in retirement and some time to do those things on the
bucket list!
The other
risk is that you will have a business of no interest and value to prospective
investors or buyers when you want to move on or retire. Those with small
businesses have put all their hopes, dreams and energies into building up sales
and generating an ongoing income but they can become too close to the business
and find that they haven’t invested the time and money to ensure the business
continues to evolve and is still an attractive proposition.
While you
are pondering your New Year resolutions and outcomes you are looking to achieve
in 2016, it is worth spending a few minutes jotting down your exit plans!
I have a
proven track record in advising businesses, from starting up to exiting, and I
can guide you through the best way to capitalise on all the skill, effort and
expertise you have invested in your business.
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