When someone schedules a meeting with you, one of you will typically ask, “how much time do you need,” so you know the allotted time you have and when it will end.
When you go with your family to see a movie, you know it will be over within a few hours, so you can plan your next activity.
In fact, before you do just about anything, you have a general idea of how it is going to end.
Unfortunately, most entrepreneurs, do not think of these questions when they are starting a business. As the owner of a business, when you meet with a financial advisor, attorneys, or investors, someone will ask you about your exit strategy.
How are you going to cash in on your investment? “I plan to sell in 20 years,” is the standard answer to this question from most entrepreneurs.
You might know you want to sell your business in 20 years, but before you do, ask yourself these questions:
- How will the buyer value my business?
- Who will help me in the sales process?
- Is this the right time to sell?
- Is the market conditions right for my industry?
- Have I created a business that can thrive without me?
These are only some of the questions you should ask yourself when deciding your exit strategy. At B2B CFO©, we offer The Discovery Analysis™ to help our clients create sustainable cash flow and increase company value in preparing for their exit strategy. If you are unclear on your exit strategy, let’s schedule a free The Discovery Analysis™.