Do you have an exit plan for your business? If not you are the among the 83% of small and medium-sized business owners in the same boat. Current surveys show that 50% of business owners plan to exit their business in the next 5 years and 75% in the next 7 years. Also from the survey, 80% of owners have 90% of their wealth in their business.
There are five ways to exit your business with variations. First is the cash cow or strip the value from the company, the second is liquidation not usually the best choice, third acquisition by another company often the most profitable, fourth sale to a friendly buyer, family or staff, and finally the sale on the open market.
It generally takes three to 10 years to properly prepare a business for your exit strategy. By starting the planning early your reap many benefits.
Higher value for the sale of business
Reduce taxes resulting from the sale
Reduce the amount of vendor financing
Reduce the amount of time and energy you continue to invest in company
Speed up the payout of the business
Increased your family happiness
Secure the ongoing legacy of your company
I have a 20 question survey that will highlight the issues you may face and put you on a scale to show where you are in the process. We can then discuss your roadmap to business exit and if and how we may work together.