10 indicators that tell you when you may need to have the ‘EXIT’ conversation
At Benchmark International we always encourage that business owners to plan their exit in advance, as businesses which are ‘deal ready’ often attract the highest values.
However, most business owners delay or put off formulating their exit strategy, understandably they are often too absorbed in the day to day running of their business to fully consider their options.
Benchmark International has put together 10 key indicators to alert you as to whether now may be the time to consider your full or partial exit from your business.
- I have been approached by a potential buyer or the market for my business is ‘HOT’
- My burning desire to compete and ambition is waning, I may be burning out;
- My children are no longer interested or capable of running the business;
- I would like to de–risk by ‘taking some chips off the table’ now whilst ‘keeping a hand in the business;
- I do not know the current value of my business in today’s market and would like to know the values for my sector;
- I am ready for a change and to do something different with my life;
- I want to leave my business from a position of strength and on my terms;
- I am more of an entrepreneur than a manager – I now take care of HR and finance not business development;
- There has been a health scare and it’s time to take a look at what’s important;
- There are relationship issues within the partnership or my family that make the business emotionally draining.
One of the biggest mistakes an owner can make is to hold on too long and fail to plan an exit
If you find yourself agreeing with some of the statements above then we would encourage you to call us on 0845 246 2626 and arrange a ‘one to one’ confidential consultation with one of our Directors who will help you establish a clear exit strategy.