When you’ve put lots of work into starting up and scaling up it’s a shame to let yourself down when it comes to selling up. Developing an effective exit strategy takes substantial planning to get it right and come away from the experience with a sense of satisfaction. Oh yes, and with the right money.
Whether you’re a serial entrepreneur, (in which case selling successfully will impress investors on future projects), looking to retire, or simply reduce your ownership commitments, there are a variety of issues to consider. From the importance of timing and the variety of options for selling your business, (such as management buy-outs, buy-ins, stock-market quotations), to deciding the right price, attracting purchasers and considering the tax and employment implications, there’s a lot to think about.
Distracting as this may be, whatever happens, try not to take your eye off the day-to-day running of the business as a few month’s poor figures could significantly impact on the sale. It may be worth considering using a professional to manage the sale so you can concentrate on running your business, or get some free advice from a mentor on horsesmouth.
Job-specific succession planning can prove difficult enough for many employers, who may concentrate on the present at the expense of the future. Company succession planning, says horsesmouth mentor Snoakes, can be even more onerous:
“Planning for succession at a company is very difficult and requires a lot of advance planning to ensure it works for everyone.”
Business Link have the resources to help you through the process of selling your business, with information on everything from your responsibilites to employees to understanding contracts.
However, deciding on the best exit strategy for you is not just about having the right information, it’s about making the right decisions. Good advice and an impartial viewpoint from someone experienced may be just what you need. As ‘Supporter’, aged 55, says: “Sometimes a problem shared or a simple 'reality check' from an objective, experienced outsider can make all the difference.”
Finally, as with any stage in the business cycle, good knowledge of the marketplace is key. A quick search on horsesmouth for a mentor with this knowledge could pay rich dividends.
If you're looking for information or inspiration spend some time browsing the site and reading mentor profiles and stories. Try a few different search terms to find a range of mentors relevant to you. Then if you would like to connect with someone on horsesmouth, whether for specific information or just to help you see things more clearly, then join the site today.
Or if you're already mentoring on business at horsesmouth you can apply to claim a campaign badge and make yourself more visible to our community as a business mentor.
Relevent mentors: Business
"People don't care what you think, until they think that you care..."
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If you've tried using search and browsed the profiles on our site but can't find anyone who's quite right for you, send a request for a mentor to the whole community. You'll get some good responses and one or two may turn into mentoring relationships.