In my last newsletter I discussed the three exit strategies business owners can use when they decide to sell their business. As a review they are; outside sale, inside transition sale, and passive ownership. Of course there is the liquidation sale which happens when there is no future planning. Liquidate and see what you can get, however I do not consider this an exit strategy.
So what does a blueprint for exiting your business look like?
First: You must influence your personal company culture. Employees need to know the values and principles you have formed over the years of your business life so they understand the mission. What needs to be communicated is how you started the company and how you built it up. The values behind all that effort needs to be communicated to your employees, vendors, and anyone who will listen, especially potential purchasers of your business. By doing so you will gradually build a strong culture in your own organization that will remain in place whether you’re planning on being absent for a long period of time, or just a short period. A healthy culture makes your company more attractive to buyers and sets the course for more options such as inside sale, or passive ownership.
Continue reading “Exiting Your Business- What You Need To Know and Do!”
The Four Life Changes Of A Business Owner
What is it that you think about the most as a business owner? Chances are they are one of four things:
- What if I don’t want to stay in business and I want to drop out?
- What if I get sick, disabled, or die?
- What if my key person (s) decides to leave me?
- What if I can’t increase and improve my cash flow (life blood of the business)?
Besides running the day to day of the business, and the stress that goes with this, the four items listed above are probably the biggest stressful thoughts business owners have. Let’s break them down.
Continue reading “The “What If’s”of a Business Owner’s Life!”
What is your business really worth? If you don’t know this figure, don’t feel too bad, many business owners don’t know their real worth!
Why is knowing your worth important? Think of it this way.
If you were to invest in the stock market, wouldn’t you want to know the current value of the company you are investing in, and the potential of it’s growth?
Business owners put time, money, and in most cases, most of their wealth in their business. At some point you will want the wealth in your business. It may because you want out of the business, you retire, you die, or a number of other triggers.
This blog is dedicated to sharing ideas about growing your business while putting you in the position of extracting your wealth…