Have you been thinking about how you will exit your business?
Exit is something that all all business owners should consider. If you are clear about how you want the future to be for you and your business, you can start putting plans in place to ensure that it happens in the best way possible. If you are thinking you’d like to sell your business, now is the time to make it all look as good as possible in terms of finance, management, contracts, ownership etc. Poor foundations will adversely affect value when it comes to selling.
Could you sell it?
It’s worth remembering also that business owners often see more value in their business than others will. Indeed, many businesses are not saleable, and this can come as a bit of a shock after many years of effort. It’s worth getting advice early on to work this bit out!
Loss of identity?
What if the thought of not having your business and having nothing to do brings you out in a cold sweat? Going from top dog and busy, busy to nothing, even if you have some cash in the bank, doesn’t always lead to perfect happiness. Being the Managing Director can be closely linked with your whole identity, and losing it can make you feel less than delighted, and a little bit lost.
Could you make it an ‘eternal business’?
Have you considered the option of creating an ‘eternal business’ via an Employee Ownership Trust? You can sell to your staff and ensure the continuation of your business, without your staff having to raise the money (read more about it here on the Eternal Business website where you can learn more and deicide whether this would suit you and our business and sign up for courses that will guide you step by step). You can read case studies and see how Chris Budd, who set up the Eternal Business, did exactly this with his own business, Ovation Finance. (I must declare an interest in this as I am an Associate and coach potential Eternal Business owners.)
Coaching for exit clarity
The day to day of running your business is busy, I know that. There’s so much to do, it feels like you’ll never get round to actually considering where you want it all to go and how you’d like your life to be.
This is where working with a coach comes in. It provides the designated time where you can consider options, work out what you really want and how it will impact others (family, staff etc). Chatting it through with family or staff is not always an option as they will have their own opinions and possible fears. Getting clear on what you really want is the foundation of a plan of how you’re going to get there.
I’ll help you get a clear plan together once you’ve weighed up the pros and cons of what you want. Then you can start putting things in place that will get you there.
Email me to set up a chat to discuss how coaching could help you work out a good exit strategy and make it happen.