How to Optimize and Build Value in Your Company for a Planned & Successful Exit
Someone once said, “The best time to start thinking about your retirement is BEFORE your boss does!” Sage advice, wouldn’t you agree? Yet, it is estimated that seven out of ten closely held business owners spend little or no time thinking about the value of one of their largest retirement assets: Their business!
Regardless of the number of years in business, whether you are the only employee, or you have hundreds of employees; one thing is true for all business owners. You will exit your business someday. Will your years of invested time and money return a significant financial reward at the time of your exit? The answer to that question depends upon whether or not you are paying attention to some very important aspects of your business right now.
I have read articles suggesting that between now and the year 2015, an estimated three trillion dollars will change hands as the torches of business ownership are passed to the next generation of entrepreneurs. How much of that three trillion dollars will belong to you? Ask yourself another very important question: “Is my business positioned to adequately provide for my family and me if I need to leave the business unexpectedly during the next year?” Will you control the circumstances of your exit? Or, will the circumstances of your exit control you?
How do you go about preparing your business for sale-and keep it ready for sale? A great question for which there is no single solution. Here are some good points with which you should become familiar:
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