Successful entrepreneurs are well acquainted with all facets of launching and managing businesses. But many struggle when it comes time to sell the business and haven’t developed a comprehensive exit strategy.
Business owners are very familiar with fatigue and stress, too. Most experience these two symptoms more than once over the course of launching and operating their business ventures, which may lead to burnout. “Burnout” mode is one of the riskiest times for making critical decisions regarding the future of your company. Emotions have the potential to cloud clear thinking and good judgment.
Vision. It gets blurred and out of focus with stress and fatigue.
Here are some of the best practices Exio recommends as a result of our combined 83 years of successfully assisting business owners sell their businesses and develop a healthy exit strategy:
- Engage with a third party planner who is able to provide wise counsel and good perspective – someone who has the ability to help you navigate away from emotional decisions.
- Have a business assessment performed on your company to equip you with a solid understanding of your current position. This will help you create plans to meet your ultimate objectives when you’re ready to sell your business.
- Be realistic in your planning. Timing, valuation, and market forces are important. Along with these you should include your financial goals, objective valuation, operational goals, and your “must haves and won’t do’s” included in your plan.
- Plan to sell when your business is on the upswing and you’re optimistic about potential growth and profitability.
- Be sure to include your own exit from daily business operations before you put your business on the market.
- Continue providing solid leadership and vision for your company until it sells. Once you have sold your business, transfer that vision to the new owner.
ARE YOU POSITIONED FOR EXIT?
When you engage with Exio’s team of experts, we will initiate our Seven-Stage Process, which analyzes your company’s assets, compares industry related key performance indicators (KPIs), and prepares this intel for you regarding your company’s competitive health. This will give you a very accurate picture of what your business is worth in today’s market. As a result, you will be well informed and prepared to decide when you’re ready to sell your business and launch your exit strategy.