How Do You Know When Selling Your Business Is The Right Thing To Do?
Have you ever considered when the right time is to exit your business?
This is a question that most business owners will face at some point in their entrepreneurial journey.
If you’ve invested a significant amount of time and resources into building your business, then you’ll want to exit at the right time and get the maximum return on investment.
Here are a few tips to help you plan and optimise your exit strategy:
📈 Plan to Exit
Waiting too long to plan your exit is one of the biggest mistakes business owners make. To ensure a successful exit, start planning at least 36 months in advance. If you’re thinking about a potential exit in a few years’ time, the clock is ticking.
Scale before You Sell
Scaling your business in the right way can increase your valuation significantly and attract more buyers. Focus on growing your revenue, improving profitability, and expanding your customer base.
📈 Turnaround First
If parts of your business are underperforming, fix them before you exit. This will increase the valuation of your business and make it more attractive to potential buyers.
📈 Get Your House in Order
Make sure your business is ready for due diligence by keeping your financial reporting and compliance up-to-date. Doing this early on can save you 6–12 months of the exit process.
📈Team Up with Specialists
The majority of businesses listed on the open market fail to sell. Teaming up with specialists who can help you optimise your exit strategy can make all the difference between a slow, average exit and an accelerated, optimised exit.
Exiting your business is more than just a financial transaction. It’s a decision that will impact your life and your legacy. Taking action up to 36 months before your exit will help you plan and optimise your strategy for a successful exit.
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