When attempting to make an exit from their company, many business owners underestimate the complexity of the process. Most want to simply sell their company/assets, reap the rewards, and move on. Those who have been through the process before know that is almost never the case.
Here are some key points that business owners may overlook when attempting to make an exit.
Selling your business can be a long process. That process typically starts 2-3 years before going to market.
Owners sometimes assume that they don't have to be involved in the daily operations or even be at the office when in the process of selling. This is not the case, as the your business may require your guidance to operate at full capacity as your exit plan takes shape.
Valuation is one of the most important and emotional parts of the process for broker and seller. Entering the process with an unrealistic number will usually end without a sale. You need a real market value number, not a theoretical one that beautifies your retirement plan.
Providing a business plan for the buyer. Strategy that supports ongoing growth throughout the process and lets the buyer hit the ground running after the sale.
An established management team for the day-to-day management, with the owner taking on different roles to support that team as needed.
