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Business Succession & Exit Planning for Businesses in IT Services

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Business Succession & Exit Planning for Businesses in IT Services

By , May 10, 2020

What makes an IT business worth more now and in the future?

IT Services businesses have the opportunity to build value through innovation in service delivery, long term recurring income and automation. The average age of business owners in the IT Services sector is increasing. Many are rapidly reaching retirement age without doing any exit planning. Moreover they are still expecting to have a financially secure retirement.  This is jeopardising the likelihood of a successful exit from their business.  

A successful exit is often about timing – and both you and your business need to be ready for when the timing is right.  Similar to running a marathon, it’s a whole lot less painful if there has been some preparation in advance.  You’ve spent your working life building up your business but have you thought about how you are going to benefit from all that value?  What makes your business worth more now and in the future?

Business Succession and Exit Planning takes time to implement

It can seem overwhelming, especially when there is so much of the day-to day to deal with.  Getting started is the hardest part of the journey. De-risking with employee engagement and investment in training and skills adds to the attractiveness to potential buyers, investors and employees alike.
The sale process typically takes 12 months when a business is ready and prepared for it.  Getting in shape will significantly increase the chances of success.  80% of businesses never achieve a sale.  Lack of preparation and planning are significant contributors to that statistic.

It is never too early to plan Business Succession & Exit.

In our experience leaving it to the last minute produces poor results.  If you want to get the best value for your business, regardless of who you transfer the ownership to, then looking at your business through the same lens as an investor is the first place to start.  Knowing what a potential buyer or investor is looking for will prepare you and your business for the sale process.  It will be less stressful and more likely to have a successful conclusion.
 
Download a copy of our latest research and get a clear view of the IT industry trends, forecast and emerging risks, plus some guidance on developing a strategic business succession or exit plan if you’re already thinking of putting one in place.
Darryl Bates-Brownsword

Darryl Bates-Brownsword

Partner | Succession Plus UK

Darryl is a dynamic, driven Business Mentor and Coach with over 20 years of experience and passion for creating successful outcomes for founder-led businesses. He is a great connector, team builder, problem solver, and inspirer – showing the way through complexity to simplicity.

He has built 2 international multi-million turnover businesses; one now operating in 16 countries. His quick and analytical approach cuts through to the core issues quickly and identifying the context. He challenges the status quo and gets consistent, repeatable and reliable business results.

Originating in Australia, Darryl’s first career was as an Engineer in the Power Industry. Building businesses bought him to the UK in 2003 where he quickly developed a reputation for combining systems thinking with great creativity to get results in challenging situations.

A keen competitive cyclist, he also has a B Eng (Mech) Engineering and an MBA.