Many business owners don’t take their business exit planning seriously. When you first start a business, the furthest thing from your mind is the day you leave the business.
Over the years you put blood, sweat and tears into building the business up to a successful enterprise, a business where you are needed and cannot afford to leave the helm.
It’s at this point that many business owners start worrying about their business exit planning, they realise they have put themselves in the situation where they are relied on daily and cannot leave the business, even for a weekend, because it will collapse around them.
Where to Start
For many business owners, business exit planning is something they only worry about when they reach retirement age, but this isn’t the best possible option. These days start-up businesses should have some form of strategy in place, ensuring their business can manage in their absence and enable them to retire with a regular income to fund their retirement.
Peter Vale of Exit Man recommends that all business exit planning should be done very early in business, whether it’s training a competent management team or ensuring the business is appealing to prospective purchasers. This immediately reduces the stress of the business owner when it comes time to leave their empire and enjoy the finer things in life.
Where to start really depends on what you expect from your business when you leave. Are you thinking of retaining ownership and letting the business run without your assistance so you can relax and put your feet up while still earning an income that is enough to pay for your retirement, or are you thinking of selling off the business when it comes time to retire to pay for that retirement?
Succession planning and business exit planning are steps that should be factored in by all business owners. There are so many business owners that feel trapped because they have compromised their family time, they cannot go away on holiday and when they leave the office, it seems to fall apart.
Bring in the Exit Man
Peter Vale, the owner of Exit Man, is a business exit management specialist. Peter’s aim is to help the business owner exit their business with the maximum amount of profit in the shortest period of time.
Peter Vale is an author and event speaker and has run successful businesses throughout the UK, New Zealand and Australia. His practical approach has proven to be effective with trapped business owners who feel they cannot escape the grips of their business.
The Exit Man offers a host of solutions and support for business owners assisting them with their exit and succession strategies.
During his time running successful businesses, the Exit Man realised that many of the business owners didn’t have an exit strategy and that trapped feeling left them financially and medically compromised.
His ideas on how to help business owners achieve the most amount of profit from their businesses when they leave and ensuring they do this in a way where they remain healthy, is of the upmost importance to Peter Vale.