Getting ready to close your activity? Do you have a good business exit planning?
A lot of businesses are up for sale or will be in the next few years. That’s just the reality we live in. Not all companies will succeed, especially nowadays when there’s an overwhelming variety of businesses on the market.
If we’re to analyse this from an socio-economic point of view, the baby boomers are coming to the end of their working career. They had a bit of a hiccup in 2008 with the GFC (Global Financial Crisis) and now they’re considering selling their businesses.
When you’re at the point of selling your business, one of the most important things you’ll need is a great exit plan.
So, let’s talk about three key things that make for a great business exit planning strategy.
1. Your business’ attractiveness
Here are a few questions that can help you evaluate your business’ attractiveness for a potential buyer:
- Do you have workplace safety and health legislation sorted out?
- Have you set policies and procedures in place?
- Do you have contracts with your clients and your staff?
Put yourself in your potential buyer’s shoes. If you were going to buy your business, and there were another business for sale but yours had it all: policies, procedures, systems and contracts whereas the other business had none of that, which one would you go for?
Easy answer, right?
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2. Your business’ readiness to sell
- Are you ready to sell your business?
- Do you know what’s happening day-to-day in your business?
- Have you automated your business’ processes?
Your business might not be ready to be sold for the price you want. Think about that. What is your price and is your business worth that price?
If not, make sure you get your business ready for the price it deserves.
3. Your personal readiness to sell your business
Have you heard of the seller’s remorse?
It’s the regret people feel after they sell their house. Or when someone comes along, fixes their house up and flips it six months later.
So, ask yourself: Am I ready to sell my business?
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In a nutshell…
Remember, a great business exit planning depends on:
- Your business’ attractiveness: what the company looks like today
- Your business’ readiness to sell. Is the business ready to sell for the price that you want?
- Your personal readiness to sell the business. Are you ready to move on?
If you understand these three key things, then your business exiting plan is done.
Let’s get your business exit planning ready!
I can assist you in making the right decisions when it comes to your business. Whether you have questions about selling your business, a company set up, business structure or registration, I am here to help you. Let’s get in touch now.