Welcome back to my weekly articles on business building. In order to extract value from a business it needs to be sellable. It will be critically important for any owner who hopes to exit to understand that they have options for how they can exit. Each option has both advantages and disadvantages to and for a business owner. Knowing in advance can assist a business owner in determining what option will be best for themselves and their businesses.
Most owners get one chance to get it right when they decide to sell, yet most owners cannot sell the business they built (only 1 in 10 are successful) because they did not build a sellable asset. If selling your business to fund your future lifestyle is a must, ask yourself whether you are prepared or not, and then identify what you need to do to get to where you need to be.
With up to 76% of Canadian businesses reporting that they hope to exit in the next 10 years, being unprepared might cost you both your legacy and your retirement. With only 1 in 10 having a plan, the odds against are not in an owner’s favor.
We welcome you to visit us at: www.mexit.ca to download this article and to find more resources focused on preparing your business for both future successes, and for a successful exit or transition.