We’re discussing your future beyond work, but if you’re a business owner, your business is a huge part of your life and deciding what happens to it is a key part of shaping your future.
Different people take different approaches – it may be that you’re planning to keep it in the family, passing it on to the next generation. You may decide to find new owners and hand it all over in your own time, or maybe you’re happy with what you’ve achieved and it’s time to make a clean break.
Whichever path you follow, it won’t be a matter of posting the keys through the letterbox and whistling nonchalantly as you walk away. You need the right exit strategy and the earlier you can set it up, the more time you’ll have to let it play out to your satisfaction.
Time to sell?
Selling your business can raise several issues. For one, if you’ve spent decades building and honing it, you might find it unexpectedly difficult to let go. That’s why it’s good to discuss with your loved ones, as well as with objective professionals, what the best route is for you.
It’s best to approach the sale of your business every bit as methodically as you approached running it. If the emotional pull of letting go gets to you, then think of having the right exit strategy as giving your business the best possible send off (with the added bonus that it will actually live on).
It’s worth noting that, if it’s time to sell, the process can be a long-winded one – finding the right buyer and getting the right price can be tricky, so you should think ahead as early as you can. A well thought-out exit strategy can help you to market your business to potential buyers or investors and get what it’s really worth.
You’ll want to make sure the business is as attractive as possible (all the more reason to have your financial picture in good order) and we can help. We’ll guide you through the whole process and importantly, we can start by helping you to get an accurate picture of what your business is worth today, to help inform those longer-term plans.
We’ve put together a short guide called ‘A Smarter Approach to Planning Your Retirement’. In this guide we’ll show you how to make a friend of the future and face the next stage of your life with clarity and confidence.
We’ll be back on the blog next week with Step 6: Look at the evidence, drop the comparisons.
Get in touch
If you’re thinking about retirement, we’d love to find out how we can help. Whether you’ve been planning it for a while, you’re just starting out or it’s finally time to stop putting it off, the right time is now.
Proper planning early on will help you to understand when you can retire, what that retirement may look like, what you’ll do with your business and how you’ll make sure it’s all done securely.
Along with professionalism, expertise and experience, you can count on respect, transparency and a lifelong commitment. We’ll celebrate your successes with you, but we’ll always have the courage to tell you the truth about your money.