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Business Owners » Succession Planning

You’ve built it, now what do you want to do with it?

Succession_planning

You’ve spent ten, twenty, or more years building your business. For the past several years it seems like everyone you see asks you what’s your “exit strategy?” You’re probably pretty tired of hearing that question. You also know you’re not getting any younger, and someday you’re going to have to figure out what to do with your business.

 

There are four ways for you to leave your business.

As much as you might not want to think about leaving your business, it’s probably a pretty good idea for you to at least spend a little time on the question. It’s a lot more fun running your business, building value and working with others than selling your business.

You’ve been told that you need to sell your business. That’s not exactly true. Yes, you will have to transition your business someday. Hopefully, it’ll be because you want to and not because you have to.

You might be curious as to what the four ways you can leave a business are:

  • You can sell your business to an outsider, also known as a third party sale.
  • You can sell your business to your managers, known as an internal sale.
  • You can transfer your business to your children, known as a family transfer.
  • You can liquidate your business, the way most businesses are ended.

The key is having your business be sale ready.

Having your business be sale ready is a great place to be. If you’ve accomplished this, you are no longer involved in day-to-day operations. You have a management staff that can really run the business. You’ve systematized the business so other people understand what to do. You’ve taken care of the administrative, financial and legal issues so your company is in good shape.

You now have a choice; You can keep the business and enjoy the cash flow it produces or you can find someone else to own it. You might even want to structure your business so you get the best of both worlds. We’ve seen both happen.

Having your business sale ready doesn’t happen by mistake. You’ll likely have to do very specific things along the way to help you get there. Some of the following special reports, case studies and mind maps might help you learn what you need to know.

Here are some special reports and case studies for you to consider.

Mind maps that lay out the process:

Salabiity Index Report