The purpose of these articles is to educate both buyers and sellers of the many different issues related to a business transfer. The subject matter includes things like the value of a business, the variables involved in a business transaction, financing and structure of a transaction, planning your exit strategy, etc.
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Tuesday, 2 April 2013
I Lost My Exit Plan
Business Owners should be planning
for their own future but they are so busy running their companies every day,
they never seem to have time to plan for exiting the business
can’t avoid planning for this critical time in their lives.
a business for sale is very different than managing it with the business
owner’s personal management style and priorities.
planning so important?It illustrates
who you are and where you want to be,
it will help you prioritize,
it guides you along the way,
and it keeps you focused.Most importantly, it can help protect and perhaps build value in your
In the early stages of your plan you should document
your goals.More than just daydreaming
about the day of retirement, actually write down what your income needs will
be.Start to quantify what you need from
the sale of your business and establish your optimal age to execute your
goals should include more than just numbers.What are your personal goals?Is
the business’ legacy important to you?What
about your kids, how would they be impacted by your transition?Decide what is optimal and work from there.
take years to properly prepare a business for sale to get the highest
price.Business Owners should start
creating an exit strategy at the earliest possible opportunity!
Do you have small
business questions you would like answered about this article or others?Please visit www.VRWindsor.com
or call 519-903-7807. William Sivell is a
Broker at VR Windsor Inc., Business Brokerage; his blog appears