WHAT IS YOUR BUSINESS EXIT STRATEGY
As you know, I am a huge advocate of E-Myth Worldwide. In their recent newsletter article, they discuss the importance of an exit strategy for your business. I thought I’d share it with you.
Before I do, you should know that E-Myth Worldwide is conducting a Virtual Tele-Training Seminar on “Docmenting Systems” for your business. This seminar is to be held, December 6th, 2007, from 10am PST to 11am PST. The cost is only $179.00… a worthy investment into your business, and ultimately, your sanity and success. We are signing up, and I’d highly recommend that you consider doing the same. Without systems, your business will never be efficient, nor will it ever be franshisable. It’s all about systems!
WHAT IS YOUR BUSINESS EXIT STRATEGY?
It was Benjamin Franklin who said “By failing to prepare you are preparing to fail.”
If you’ve read E-Myth Revisited and E-Myth Mastery… you’d know that it’s important to be planning for the ultimate sale of your business. You need to have the end in mind… or else there will be no “end.” The sale of your business is supposed to be the final chapter of your business.
E-Myth Worldwide recommends that you design an exit strategy before the market is awash with businesses for sale. Perusal of the popular press turns up numerous articles on this coming tide, as do web searches on terms like “boomers selling their business.” The approaching events are clearly on the radar of mergers and acquisitions firms and financial advisors.
PriceWaterhouseCoopers found that half of US business owners plan to sell in the next decade. Another source expects 40% of family-owned US businesses to sell within five years.
Whether it’s this year, or 5, 10, 15 years from now… Do you have a plan? Do you have any strategies and tactics in place as it regards the sale of your business? Do you know what’s necessary to sell you business. If not, start thinking about it now.