An entrepreneur's 50-90% percent of net worth tied to his/her company. So, an exit is very strategic action. Entrepreneurs/owners need to plan for the long haul and make moves based on expert advice and business climate.
Every entrepreneur should plan for he/her succession so that, when you move out on your terms, you don't lose out. An entrepreneur's 50-90% percent of net worth tied to his/her company. So, an exit is very strategic action. Getting ready for sale/transfer of business is the very tiresome process wherein you make many tough tradeoffs. An entrepreneur may not get a good deal if he/she exit unplanned, thereby losing a lot of wealth. Continuous planning, corrective expert advice and the right business climate are vital for a optimal exit.
Your exit strategy is influenced by:
Your objectives and priorities, the existing market condition and value of your business, your estate plan, and your non-business assets.
Time is critical to good exit deal.
Before you exit, the company may have undergone some organisational or structural changes, and such changes take time. Earlier you start you succession program, better off you would be while making a move. Ideally, your start setting the succession roadmap 3 to 8 years before you move out. Thus, giving you some time make management tweaks, revision and policy changes to make your exit smooth for the company.
Spice route business' exit planning advisor will reach out to your Chartered accountant, financial advisor, attorney to know the insider perspective. We will ask them to pitch in, wherever their valid suggestions are needed. All stakeholders should cooperate and come up with a great exit plan.