Will your business be ready, when you want to retire?
What’s your Exit Strategy?
If you own a business a good rule of thumb would be to start planning an exit strategy now or at least 5-10 years prior to exiting. To be honest 5 years advance planning is on the low side. You really must start your business with the exit in mind.
Business owners often put so much time and energy into their business that they forget to plan an exit strategy to get their money back out of the business.
When to develop a business exit strategy should really be the first and the last decision that every business owner makes. I know what you are thinking “If I just started my business why would I be thinking about how I would exit the business?”…but this decision has a huge impact on the future of the business. Why? Knowing where you want the business to be in the end helps to shape and formulate the wealth and satisfaction you get out of the business.
Starting with the Exit Strategy in mind also allows you to build a business model that you can replicate, regardless of the industry.
“I want to thank Next Level Strategies for assisting me in achieving my goals. When we became engaged over three years ago I had ideas of what I wanted to do but no clear direction of how to get there. Your guidance through the planning and goals process both personal and professional helped me put together the plan that allowed me to sell my business and put me closer to all my personal goals.
Your financial knowledge and your understanding of my business facilitated the arduous due diligence of the sale process. You were far more than a coach; you were a confident, a friend and a trusted ally. I did not understand the complexity of the acquisition process. Your prior experience with the deal process kept me emotionally focused when I was prepared to throw in the towel.
You have my thanks and gratitude and I would encourage you to use me as a reference in the future.” Mike Salvagno, The Cambridge Group, Ltd.
Why Are Exit Strategies So Important?
- Having an Exit Strategy FORCES you to consider your future, not just the present and therefore opens you to possibilities.
- It reminds you that – a business is NOT about you, it’s about the ROI – Return on Investment.
- You PLAN to set things in motion that can require significant time to come to fruition
- Having an Exit Strategy makes the future more predictable, so that you are not surprised and neither are your heirs…
Starting with the end in mind, takes you out of the business faster so you can spend more time working on it. It’s never too late to start, but if you are planning to exit your business within the next 10 years, you have to start restructuring YOUR BELIEFS and actions today.
The longer you wait, the longer you work.
For a complimentary assessment to make sure you have the right Exit Strategy in place simply click the link below to schedule your free consultation.
- Call us at 203.210.7003.
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