Failing to plan is planning to fail. Many business owners I coach have no idea how to plan an exit strategy for their business. Are they leaving their business to their family? Are they selling their business for a profit? Or will it dissolve on its own? Do you have an exit plan for your business or are you planning on business failure? Here are some of the methods used by entrepreneurs to exit their business. One of the biggest mistakes I made was passing up the opportunity to sell my consulting firm for $40M. When the call came about a potential offer, I didn’t believe it. Why? Because I never thought about how I was going to exit this business so when I was approached, I wasn’t even prepared to discuss the opportunity. Don’t be unprepared. Be ready for that golden moment. Here are some of the exit strategies I experienced and will share in my webinar.
- Merge with another company. For bigger companies, its a more efficient and quicker way to grow
- Initial Public Offering. This is a quick way to sell some stock, however shareholders could be demanding and liabilities can be high.
- Sell to a friend. This is different than a merger, since it is not combining two business entities into one.
- Absentee ownership. Hire someone to run the business for you while you retain ownership and enjoy the annuity.
- Liquidation. A simple process to close the doors and liquidate any assets.
- Form an ESOP. Sell into an employee stock ownership program where the employees buy the company.
- Natural catastrophe – where the market you are in implodes for any of various reasons.
CHECK OUT MY EXIT STRATEGIES WORKSHOP TODAY. LET ME HELP YOU PLAN HOW TO LEAVE YOUR BUSINESS AS A LEGACY.