You Started A Company Because You Thought It Would Give You Freedom To Do What You Want, Work On Your Own Schedule, Make The Kind of Money You Deserve And Eventually Retire on The Fruits of Your Labor, Yet You Neglected to Come Up With a Business Exit Strategy.My guess is, you also neglected yo put together a business exit strategy.
Unfortunately, if you're anything like most business owners, you find that stepping out of the picture is extremely difficult because you’ve built a business that relies too heavily on your personal involvement.
Without you, the company – no matter how big or profitable, is essentially worthless.
Luckily, there are steps you can take, no matter what stage your business is in – to create a valuable, sellable business that can grow and thrive without you ... And it all begins with a business exit strategy.
Don't Worry .... You're Not Alone!
Let The Statistics Speak For Themselves ...
Take any 100 businesses listed for sale and the results are this:
- 4 out of 100 will sell within 3 months at the full asking price
- 16 out of 100 will sell within 6-9 months at a 30% to 50% discount.
- 80 out of 100 will never sell and the owners end up closing the doors in a liquidation sale. Leaving shattered dreams in it’s path.
One of the most important things I learned over the past 35 years from my entrepreneurial experience, and those I learned from my mentors, is this:
Even though it’s sometimes hard to imagine you’ll ever want to leave the business you worked so hard to build and sacrificed so much for, you will eventually need to step away. It might not happen next week, it might not happen next year, and it might not happen in 5 years, but it will happen. You never know when something like a major health issue might pop up and take you out for a time, and if the business is dependent on your direct involvement, it might not be there when you return.
It happened to me. I’m in good physical shape. I don’t drink or smoke, I exercise regularly and don’t eat processed foods. I went to the dentist for a routine cleaning and checkup to find out I have stage 3 tongue and mouth cancer, and KABOOM!
I had to undergo major surgery within 3 weeks, and then Chemo and Radiation for 3 months! (Lucky for me, my business was set up and it survived without me – it didn’t thrive, but it did survive).
My point is, there are many reasons for wanting to build a sellable business with the main one being, you never know what will come along and take you out.
- Your company night be your best shot at a comfortable retirement.
- You may want to start another business
- You may need cash to deal with a personal financial matter
- You may want more time for yourself
- You may want to spend more time with family, or care for an aging parent
- You may want to sleep better at night knowing you can sell your business if you wanted to or needed to.
Of course, this is just a sampling, but no matter what’s motivating you in your business, the day will come when you're going to want or have to walk away.
If you want to walk away wealthy, you need to take the right steps ahead of time.
Call me and let me help you design a realistic, workable and customized business exit strategy for that works for you.
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