Prepare an Exit Strategy
If you’re a small business owner or entrepreneur the recent turn of events may have you considering all business options, including selling your business. At Allliant, our team of brokers is talking each day with clients who have begun to think about an exit strategy. For many the considerations are both personal and financial but they are uncertain about how they can transition out of the business. Even for those who aren’t looking to sell today, it’s important to look ahead and have an idea of what business succession will look like.
Begin to Develop a Plan
It’s important for you to begin to outline a plan that can be set in motion when the time is right. There is no one strategy that will work for everyone, but it will be helpful to you to research the ways that other business owners have transferred out of power. You may even want to consider training someone who could be your eventual successor.
Consider Your Options
There are many different options for planning the exit from your business. The options include:
- An IPO: Sell part of your business to the open market before transitioning out of power.
- A Strategic Acquisition: Another company purchases your business, perhaps even a competitor.
- Contact Us for additional information about listing, marketing, & selling your business.
- Management Buyout: Selling your company to the next generation of managers.
These are just a few of the more popular options but our experience has taught us every situation is unique, and only you know what is best for your company.
Protect Your Wealth
While you are still working, you should be investing your money if you haven’t already started. There is a lot to think about as a business owner, and investing your money in the right places will ensure that you are able to live out your life comfortably. This includes investing in a retirement plan, life insurance and disability insurance to make sure that your family is prepared if something were to happen. You can never be too careful. All you have to do is discuss the matter with your bank representatives, and they will help you to get started.
Once you begin thinking about an exit strategy, contact us for a free opinion of value & guidance on how to get your business ready to sell. When you are ready, we market your business using an exclusive, proven process and prioritize confidentiality.