This video looks into why it’s never to early to start planning your exit from your business. Whether you want to retire, sell up or step back there is a common solution to planning for it.
Why it’s never too early to start planning your exit from your business
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One of the biggest objections I come across when I’m talking to people about building the business up so it actually has a resale value, is they often say, “Hey, I’m relatively young,” not me, they are, “and I’m probably going to work for another 20, 30 years, so why do I want to think about exiting from my business, because that’s something I’m not going to do for a long, long time?” so in today’s video I just want to help you understand why it’s never too early to start planning your exit from the business.
The main reason, right, is planning an exit from the business it doesn’t happen overnight. If you think about it, if you’ve got the right kind of advice and guidance, you can actually get your business ready for sale in about two years’ time. Without the right planning and the guidance on it, then typically it could take you up to five years to do it, so the reason why it’s never too early to start planning is because you don’t really know what’s around the corner.
You might be saying just today actually, “I’m totally happy running my business,” but next year something might change in your personal life or in your situation, which will then change your situation and you will then want to think about exiting your business, or at least being able to run it in a different way in which it means you might need to do a part exit. What I’m saying is because you don’t know what’s around the corner, and because it takes quite a long time to actually prep your business for an exit, then what should… the best thing to do is actually start today, because once you have prepared your business for exit, then actually it becomes a lot easier to run. It becomes a lot more profitable anyway, and you get to benefit from that even if you don’t exit or sell your business.
That’s the main reason why it’s never too early to start thinking about the resale value of your business and how you might leave it and get other people to take over. Obviously you can exit your business without selling it, because you can exit your business and still turn up to collect the money. That’s another way to do it anyway. So, never too early.
What I’d like you to do is, if you are interested in understanding how an exit strategy from a business works, what I’ve done is I’ve put the link to our webinar below which essentially helps you plan an exit strategy, so if one day you do want to exit your business, then you will have all the information you need to get there.
Just remember, it’s never too early to start planning for the exit, and the benefits of planning from an exit early are immense.