It's crucial to recognize the importance of planning. Before even considering an exit, one should ensure a strong succession plan is in place. This means implementing robust systems, hiring the best personnel, and providing them with thorough training. Moreover, having clean and impressive financial reports is paramount, as they significantly influence the valuation of your business during a sale.
Here are some key takeaways to remember when navigating succession planning and exit:
In short, plan ahead, get a good team together, and make sure your business is set up to run well, even after you step back.
A business coach can be invaluable in objectively evaluating all the options and deciding the best succession plan out of the three common options available for your situation - whether that entails a family business succession planning, selling to an outside buyer, employee promotion, or even closing up shop.
Keep in mind you should have multiple possible exit strategies. Selling your business might not generate sufficient funds for you to retire. That's why working with an excellent financial advisor and business coach is crucial. Action Management Pros call help - Give us a call!