3 Tips to Plan Your Exit Strategy
Seek honesty over flattery
It’s one thing to have your buddies compliment your “unorthodox” golf swing. But you don’t want a business broker painting an overly rosy picture about the value of your company. Be honest with yourself, and expect nothing less from those you work with. That includes what you’re looking for in a potential buyer. (Hint: It’s not always the highest bidder.)
Don’t lose sight of the business today
There’s a lot to preparing for the sale of business – don’t worry, we can help you with all of that! However, it’s important to keep building your business, especially while you’re considering selling it. Schedule time around your workday to work on your exit. Sit down with your leadership team, other key employees, even important clients. You didn’t build your business overnight; you probably won’t sell it overnight either.
Get key team members to buy in, too.
Business suitors aren’t just buying a customer list, a few machines, and some real estate. They’re buying your company’s talent as much as any physical asset. So, bring key employees into the conversation as early as possible, and convince them that they will be in as good of a position, if not better, going forward. After all, you don’t just want them to accept a new owner, you want them to be excited about it!
Pub11557 2022-137245 Exp. 4/24