Have you got your exit plan in place?

Although I have met with hundreds of business owners during my career, I’m still amazed by how many have no clear exit strategy in place. The decision to sell up is often determined by external factors and sadly sometimes this leaves no time to prepare their business for a sale. Lack of preparation manifests itself in many different ways; for example the business valuation doesn’t meet the owners needs or expectations; the business is unlikely to achieve a successful sale for various reasons (such as owner reliance) or the seller backs out of the process.

In its simplest form an exit strategy lays down how, when, for how much and on what terms a business owner wants to exit the business, enabling him or her to create a clear plan of how to achieve those goals. Whilst many people reading this probably won’t have that strategy in place it’s never too late to start and it doesn’t mean writing the equivalent of War and Peace!

What it will do is do is provide clear focus so that critical business decisions are always aligned to your personal exit strategy. This can have a really energising effect and can translate into highly effective growth planning.

I’ve put together a serious of short podcasts on the subject; each one covers a key element of exit planning and in just a few minutes provides some practical, easy to follow advice – http://evolutioncbs.co.uk/blog/series/podcasts/

 

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