02 Aug Be brave when it comes to planning the future of your business
When you first started your business, it’s unlikely that you gave any thought to exiting or selling it.
When you set your business up, you invested a great deal of time, energy and effort, and you likely rode a rollercoaster of emotions – fear, bravery, worry, excitement, panic…
Actually running your business takes even more time and energy and involves even greater highs and lows on that emotional rollercoaster.
It is therefore only natural that when you start to think about stepping away from your business or selling it, more time, effort and emotion will be involved…
BUT the pay-off is significant.
The reward for creating a more valuable business is greater security, continuity and certainty for you, your team and your customers, as well as a future buyer.
It’s unlikely that the author and philosopher Eckhart Tolle was considering the future of your business when he said: “The contemplation of one’s mortality… is a liberating act that makes life feel considerably less heavy.”
But Tolle’s words point to the reality that you, the business owner, won’t live forever. It therefore pays to work out the future options for you and your business.
Your options increase when you start to prepare your business for sale. Even though it’s hard to imagine that you’ll ever want to leave the business you’ve worked so hard to build, it makes a lot of sense to prepare your business for sale:
- Your business may be your best chance of having a worry-free, financially secure retirement
- You may want the freedom to start another business or become involved in other projects or businesses, or you may have new investments planned
- You may want more time for yourself and your family or you may want to spend your hard-earned retirement traveling
- You may just want to sleep better at night knowing that you could sell your business if you wanted or needed to
Even if you are not thinking of selling your business right now, there is real value in simplifying the way you run it, making it less reliant on you and building its capital value.
Click here to access our Business Bitesize library that includes our downloadable ” Built to Sell ” report and discover a simpler way of running your business, while at the same time making it more attractive to potential buyers when you do want to sell it.