For some businesses lockdown was an abrupt suspension of activity, some literally ‘shut up shop’ overnight. Others had to adapt operations to continue some level of business with alternative working arrangements. And for the rest, opportunities and sales volumes have grown to unprecedented levels.
You probably spend a lot of your time building your business, your reputation and your potential wealth, so when it comes to selling your business you want it to go smoothly and successfully.
According to a survey by accounting software provider Xero, three quarters of business owners admit to working during their holiday. And a shocking 17% take no time off at all.
How often have you received some direct mail, an email or a call suggesting, ‘Now is a great time to sell your business’? If the suggestion catches you on a bad day, you might be tempted to respond with a cry of, ‘Yes, get me out of here!’
The art of letting go: how to find (and keep) your successor
Whilst starting and growing a business can be tough, letting go is harder still. Yet, it’s something all business owners must face one day. Letting go is the logical, successful conclusion of all your hard work.
Think about what you might want from a new car. Do you want nothing but great fuel economy? Or do you want the whole package – something that delivers good fuel performance, has a strong safety record, is reliable, is fun to drive, and looks nice enough to make the neighbours jealous? You want the whole package, of course.
In last week’s article I talked about how exit planning doesn’t necessarily mean selling your business. Rather, a good exit plan is an important business planning tool, helping you build a more valuable, efficient (and, yes, sellable) business.
Picture an ‘exit’ sign. Visualise those four letters above a doorway. What’s the first thing you think of? Chances are you think of something being over, finished and done with; ‘exit’ means there’s nothing more to see or do. Your work here is done.