Your business is going well, even expanding. When this is the case, why consider an exit strategy?
How and when to build an effective exit strategy has been a matter of contention for decades and it will continue to be debated for years to come.
It may surprise you to know that the best time to sell a business is when it is actually performing well. And because life throws curveballs at you, you never know when you'll no longer have the time or capacity to continue on.
Often plans to sell a business are left too late and strategies are only drawn up when you’re looking to cash in on your company, or you simply want to wash your hands of a venture that has proven less enjoyable or successful than you had hoped.
The best exit strategies are actually the ones that are drawn up in the early days of the business, when you may not be thinking of selling at all.
This is because you never really know what the future holds and an exit strategy that has been formulated with time and care is more likely to succeed and bring a favourable outcome than one that is rushed at the last minute.
Lack of mental capacityStarting up a business requires your heart and soul. This means long hours, compromised sleep and limited time for holidays. You may reach a point where this lifestyle no longer appeals to you and it’s time to call it.
RetirementRetirement is something that you plan for but can never be completely certain of with regards to time. So an exit strategy will ensure you have a plan ready when you decide the time has come to retire. With an exit strategy, you can leave on your own terms.
Shake things upIt may be that the business has become complacent and while there are opportunities available, you may not be interested in taking them. This may be a time to sell your business to a new owner who may have fresh energy and inspiration.
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