When considering exiting your business and your next steps, you should always have a well-thought-out written plan. You have many choices including:
- Closing the business
- Hire a manager to run the business
- Sell or give the business to family or employees
- Sell to an outside party
Talk to your industry contacts, other owners who have sold in the past, trusted advisors like your CPA, business attorney or banker. Learn what makes your business saleable by speaking to an existing business broker/advisor. It is great to start this process 1-3 years before you are actually looking to exit so you have time to get your financials in order, write down your processes, cross train key employees and managers etc.
Key Steps
It all starts with a valuation of the business, detailed succession plan, review of any buy-sell agreements and funding choices
By planning your exit in advance ,you can maximize the value of your company and insure a smooth satifying transition of a company you have dedicated many years of your life to.
Joel Nimar is a business advisor and broker and is available for a no cost consultation to discuss your goals and objectives. He can be reached at info@matchbooksconsulting.com