You may be thinking, “my business isn’t for sale or anywhere near it so why should I start to plan an exit?”
That’s a great question – the answer is that the best time to sell your business is when you want to, not when you have to. Being prepared for that moment, so that it doesn’t take you by surprise and back you into a corner, is key.
Recent studies have found that only about 47% of small business owners have an exit strategy and 22% of those who do have an exit plan simply intend to close their doors and walk away.
There are a number of circumstances often beyond your control as a business owner that may force you to have to sell your business quickly such as ill-health, divorce, conflict, loss of key staff, exhaustion and more; however, figuring out when is the best time to get out and how exactly to plan your exit will give you more options and put you in a better position for when the time comes to hang it up.
Not all business exit talk has to be loom and gloom though, in fact everything you do to prepare your business for sale and plan for a profitable exit will help make your business more successful as it runs today. Ultimately, what is good for potential buyers of your business is also good for you as the current business owner.
Rare Birds Con 2016 will bring you answers to your questions about exiting during the ‘Knowing When and How to Get Out’ panel discussion. Topics to be covered will include: how do I know how much my business is worth, where do I find the right buyer for my business, and when is the best time to put my business on the market.
Be sure to get your tickets today.