Posts tagged with: exit or sell your business
How do you know when you or your business are ready for you to transition out of the business?
How do you know when you should get out fast or hold on for the long-haul? What business model will help you maximize the value of the business? Here is a starting point for exploring and considering when and how you might exit/sell your business.
This CEO Exit Readiness Assessment provides a short set of questions to highlight your current thinking, decisions, issues and options to get out of business.
- Is your business ready to be sold?
- Are you ready to get out, leave the business and move on to your reinvention?
- Who will buy your business – and what form will the transaction take: trade, cash, management buyout, private equity, VC, Employee buyout?
- What sort of seller will you be?
- Do you have the right team in place (staff and management)?
- Do you have the right set of expert advisors on your team?
- Do you know what it is that you don’t know? How do you know that you don’t know?
- Have you already planned your reinvention after you exit your business?
There are more questions to consider. Your answers here give you a baseline to begin developing your exit strategy and plan the steps and timeline to exit or sell your business.
From the outset of your business, start asking these questions as part of your strategic planning at least annually if not quarterly. Keep a log of your evolving answers as the company grows, your role changes and your team matures.
When you tie your long term goals for the business and your role to day-to-day decisions, you will make better decisions, faster, easier, with less complete information while minimizing risk.
To avoid exit planning errors and pitfalls that could potentially derail your exit transaction, email me with any questions you may have.