Have You Thought About Your Exit Strategy?
You’ve put a lot of time, energy, and love into your business, but you can’t operate it forever. Perhaps you’re simply getting older, or another business endeavor has caught your eye - either way, you need an exit strategy. Developing a plan in advance allows your business to experience a smooth transition in leadership and provides you with peace of mind.
You should give yourself the time to thoroughly assess all your options. You’ve spent years building up your business; you presumably don’t want to watch it falter or grind to a halt once you take your leave. That means you need to find the right person to take over for you. Being a business owner isn’t an easy job, as you well know.
Even if you aren’t particularly concerned with how your business will fare after you leave, having a succession plan in place will personally benefit you. You don’t want to feel ‘stuck’ in your role as a business owner, but this may occur if you suddenly decide you want out and have no viable options. Even worse, you may be tempted to rush negotiations with the first prospective buyer and accept a lower price than you deserve.
At GEPC we have a succession planning service, so you don’t have to encounter the scenario above. We’ll explore options like selling, transferring to children, and takeover from employees. We’ll determine what your best option is and give you action items depending on the route you choose. Having a succession plan gives you the ability to make strategic decisions now that will make your exit go as smoothly as possible in the future. Better yet, in the event that you wish to sell it, we have a business sale program that will drive your sale price up. Book a free consultation to find out more about your options.
Here are two scenarios for you to consider:
You use our succession planning service and start thinking of people who might want to take your business over. You have a conversation with your general manager where he states that he is interested in the role. You think he’d make a good owner, but he needs more experience in a couple different areas. Since you thought ahead, you have time to properly mentor him and give him the tools to succeed. When it comes time to pass it down, the process is easy and all the paperwork is taken care of by GEPC.
OR
You conclude that selling is your best option. You decide to go ahead with our business sale program as a result and implement changes over the next few months that increase your company valuation. A year down the road when you decide to sell, you’ve already vetted some potential buyers. The process is a breeze, and you’re able to put the ample money you’ve received into your retirement fund.
Sounds nice, doesn’t it? It can be your reality.
At GEPC, we can discuss your options and make sure your exit from your business is a success. Schedule a free consultation at gregevans.ca or (705) 880-2224 to learn more about what we have to offer. It all starts with a conversation.