19 April 2022

Business coaching: have you thought about your business exit goal?

A successful exit can be defined as one that meets the business owner’s individual needs and desires. 

For some business owners a successful exit goal is about selling the business for maximum dollars. For others financial outcomes are not their first priority as they are looking for stewardship exits – by looking after their employees, customers and key suppliers and making sure the business continues after they leave. 

When is the best time to start thinking about your exit goal?  

The best time is when you first set up your business! It takes time to build and increase value. The difference between equity or long-term value that can be extracted when you exit, versus income is time frame. Start early, know what your business is worth and map out what needs to be done to drive value higher and ensure the business is more attractive for when you are ready to realise that value. 

How can I prepare the business for my exit? 

  • The business needs to be sale or exit ready. This means processes that are well-documented, which are not dependant on the owner and ongoing sales and marketing channels are formalised for securing new customers.
  • Think about life after your business. What is your plan and how will you separate from your business to ensure the new owners have a better chance at success?
  • Understand your financials. Which assets do you want to keep and which will be transferred to new ownership. Are you considering retirement and do you have adequate funds?
Business succession and exit planning is one of the most important yet most misunderstood financial strategies for any business owner. It relates directly to your ability as a business owner to extract the maximum amount of value from your business when it comes time for your exit. 
Please click on register below for more information or to join us at a free seminar named maximise the value of your business, which we are hosting in May 2022. 
Rob Cameron

Rob Cameron, Adviser at Collins SBA says that often the business owners he works with are feeling stressed and struggling to make big decisions. Frequently they find their financial results haven’t grown for the past few years and they feel trapped in their business without a way out. They are scared to take the next step. Does that resonate with you? Connect with Rob on LinkedIn