In my experience, getting out of business is a much more emotional process than it ever was getting into business.
Most entrepreneurs start out on their own, perhaps supported by a partner at home and most likely through necessity – income replacement, work-life balance etc.
At the end of the business life, the ‘exit’ could be forced [liquidation, administration, sale etc.] or transitional [management buy-in/out etc]. There are more relationships in play – employees, family, investors and often the founding business owner is looking to retire or make a significant change to their lifestyle.
A successful outcome can be planned an executed but the exit planning often requires some outside help.
Exit planning can clarify the key objectives in achieving a successful outcome and help you see through the emotional fog.
Exit planning – my options?
As with most services I provide, it’s about finding a balance between where you’re at and what you want. I’ve helped business owners prepare for sale, sell, bring in investors and transition the business for the next generation of management, usually the kids. The latter is usually the most difficult.
The first step is to understand your current business position and we do this by way of completing a purpose designed assessment.
Although you can take this away and complete it yourself, I know through experience that by making the assessment the basis of our first meeting, it will be the discussions around the answers you give that provides the real grist of what might be required to develop a exit planning process.
From experience, around half of the prospective clients I have met who need help with exit planning [all scenario’s] are either not ready or have gone beyond the point where I’m able to help.
In those cases and as an add-on to the initial assessment meeting, I’ll give as much guidance and provide as much information as I can to help the business owner.
With those clients who are in a position to plan their exit, I will create a draft plan with a timetable and key milestones and objectives. I’ll also take the client through the most appropriate valuation process and identify areas where value can be added.
The cost of engaging my services varies from client to client so it’s the one area where I’m unable to give an indication of the cost until we’ve had our initial assessment meeting.
If you’re interested in engaging my services, I would suggest you book a convenient meeting date and time here, as a first step.
Exit Planning resources is one of the most popular sections of the entire andycollyer.com site. I’m in the process of having this resource section reviewed and categorised and we’ll be adding new resources shortly [April 2016].
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