For those Business owners nearing exit, a big important life event, we are observing more and more knowledge of the demographics and circumstances around it. Barely a week goes by when a business owner does not approach us to say:
“I have about 18 months or 2 years before I would like to retire:
how can I best utilise my time and resources?”
What this represents is a much greater awareness among business owners of the need to prepare, not pray, for a successful exit. There are some high-value projects we came to so routinely recommend they formed our 21 steps program for exit readiness. We organised these 21 steps into 5 stages, all around maximising the value of the business.
Following on from the Identifying Value, the second in this series of stages focuses on protecting your business worth.
Stage 2: Protect Value
- Step 4 Is about establishing a suitable set of financial objectives from your business personally. On average, Australians are living about 20 years longer than we did a century ago, therefore adequate provisions for retirement as well as lifestyle factors need to be made.
- Step 5 This tends to be the most overlooked and easily addressed risk we see in small and medium businesses. Laying down proper infrastructure to deal with the shock of a sudden absence of a business owner.
- Step 6 All businesses contain risks. The lower you can get them in the aggregate, the more valuable your business.
Ready to take the next steps? Discover Stage 3: Maximise Value.
Ready to maximise your business' value before you sell?
Download our free guide on 15 powerful exit strategies you can action now.
