It takes a lot to start a business. Few business owners start with exit in mind.
You start with a dream and the tenacity to make it real, and make it grow. When do you start thinking about what you want to happen when you retire?
Some business owners talk about funding a lifestyle but actually work is their lifestyle. They’d rather go with their boots on. But what happens to the business? Assets? Clients? Employees? The dream and the hard work that made it real?
Don’t let your exit strategy happen by accident. Three ideas to start with:
-
- Successors: Family members? Your team? Franchisees? A few key people motivated to form a partnership? Who is interested? Who has the potential and passion for it?
- Alternatives to exit: The idea of retiring bores you to snores. Retain an interest in the business. Share the knowledge you’ve built up, have the satisfaction of seeing the business continue to grow and discover the lifestyle you could have now that you have time to have a life.
- Ready to sell: If selling is your best option, is your business market ready? To achieve the best price, you need your business to be in the best shape. Analyze it from the point of view of a potential buyer. Is there clear documentation on business processes and performance? Is your business performing at peak? What needs to happen and what’s a realistic timeframe?
These are things we can help with. Start the conversation with us today.
We can run a cost-benefit analysis
Could buying a building be the right choice for your business? We can work with you to analyze the costs and benefits of each option, to help you make an informed decision about which one will put you on track to achieve your goals.
Get in touch today, we’d love to hear from you.
The following content was originally published by BOMA. We have updated some of this article for our readers.