Exit strategy...who's going through one NOW?

[James Burke]

I had a post earlier last month about prepping my business for sale in the next twenty or so years, and the responses were great. Thank you to all who contributed.

But for anybody who's currently going through their exit stragegy, do you care to share what's going on? (I'm lookng to hear the good, the bad and the ugly, if you so dare.)

As part of the FastTrac class I took, we were required to include an exit stragegy in our business plan. All I could write down was "...sell the business"....not very compelling, for sure.

I guess what I'd really like to develop is a time line of indicators that prove to myself and the future buyer of my business that I have done all the necessary steps before an attorney is brought in to do the finalizing. Again...all this stuff is out there twenty years, but it's never too early to begin planning.

Much appreciated,

JB

 

[CS-SignSupply-TT]

Try asking questions about WHOM you want to buy the business; WHAT business are they buying; do you CARE what happens after you sell the business?

 

[James Burke]

Try asking questions about WHOM you want to buy the business; WHAT business are they buying; do you CARE what happens after you sell the business?

So, from what you're saying, I should start building a potential buyer "profile". That sounds like a good place to start. Obviously, that would save a lot of time and wasted effort pitching the business to the wrong buyer.

Thanks

JB

 

[CS-SignSupply-TT]

This may sound crazy, but have you considered a recent graduate or soon to be graduate of HILLSDALE?

 

[James Burke]

This may sound crazy, but have you considered a recent graduate or soon to be graduate of HILLSDALE?

Hmmmm...I shamefully admit that the thought never even crossed my mind. We do a large amount of work for the college...and that might be a good fit. It's primarily a liberal arts college, and I enjoy seeing the very talented young adults coming through the ranks. I'll definitely keep that in mind.

Here's something I found referenced from Michael Gerber's web page: http://exitplanning.com/ looks like they have free stuff to get you started...webinar, newsletter and a book.


Jim

 

[SignManiac]

My exit strategy is simple, I plan to die. A lifetime is but a drop in the bucket of time. And I'm thirsty as he'll. You're born, you live, you die. Simple as that. Cram as much as you can into your one lifetime, that's all you will get.

 

[James Burke]

My exit strategy is simple, I plan to die. A lifetime is but a drop in the bucket of time. And I'm thirsty as he'll. You're born, you live, you die. Simple as that. Cram as much as you can into your one lifetime, that's all you will get.

Don't get me wrong...I like what I do. But sooner or later, there may be a time when I get a belly full and decide to do something else. Having a plan in place will make that time much easier.

Too often, I've seen seen people run a vibrant businesses (and a good name) into the ground (out of ignorance) when they could have (profitabaly) sold out to some younger blood....just sayin'.


JB

 

[HulkSmash]

This may sound crazy, but have you considered a recent graduate or soon to be graduate of HILLSDALE?

That's some good advice. I bought my shop right out of college.

 

[BobM]

Best book you can buy (http://www.buysellbiz.com/CreateWealth.htm). "Understand the Secret Rules to Building and Obtaining Maximum Value from a Private Business".

This book taught me what I should be focusing on in business rather than trying to make a paycheck. Well worth the money. He even gives a money back gurantee.

 

[James Burke]

Best book you can buy (http://www.buysellbiz.com/CreateWealth.htm)

Whew! That's one busy web site. I'll have to take a closer look at it when I have time.

Thanks for the link.

Jim

 

[btropical.com]

I think of leaving all the time then some body walks in with a fat wad of cash and shoots my 20 year pie in the sky Bam

 

[BobM]

I have read all of his books and worked with him several times to sell a business and to help me understand the small businesses I have owned. "Understand the Secret Rules to Building and Obtaining Maximum Value from a Private Business" covers about everything in his other books. Good book to start with.