When you were growing your business, filled with an overriding sense of potential, did you also start thinking about your exit plan?
Likely not. And with good reason. Entrepreneurs, business owners, and boards of directors are enthusiastic about their potential for success. They aren’t thinking about that moment when they are ready to retire. Or move on to a different business challenge. Or want to while away the days on a desert isle, sipping margaritas and reflecting upon their many successes.
But that day has come for you, which is why you’re in need of an exit strategy for your business.
We’re here to help.
Our six-part Business Exit Guide for Business Owners is the place to start your journey to the next chapter of your life and business.
Here’s what we will cover:
Part 1: Choosing the Right Exit Strategy in Business
Here, we look at five common types of exit strategies — mergers and acquisitions, friendly sale via an employee buyout, passing the business along to a family member, going public in an IPO, and liquidation — and explore who should consider each exit strategy option.
Part 2: The Importance of Succession Planning
So long as you aren’t planning to liquidate the business — and you weren’t planning that or you wouldn’t be reading our guide! — you’ll need to figure out who will take the reins when you step down. Even if you believe a merger, initial public offering, or sale to a new owner is in your future, potential buyers of your business will want to know that there is a strong management team ready to take over to ensure a smooth transition and the longer-term stability of the company.
Part 3: Identifying Potential Successors
Whether yours is a small business or a larger company, choosing the right person to lead the company you built is critical to future success. You’ll want to look inside the company as well as outside to identify the right next gen leader, train them in all aspects of business operations and mentor them to ensure they have all of the expertise, knowledge, and skills they will need to oversee the future success of your business.
Part 4: Family Business Transition to the Next Generation
Without a doubt, this can be fraught with emotions, both personally and professionally. Here, we dive into the challenges of identifying which family member is best suited and most qualified to take the helm when you leave, from managing day-to-day operations to having a vision and business plan for moving the company forward. And we dive into the family dynamics and offer tips for keeping non-family members and other stakeholders happy throughout the transition.
Part 5: Dealing with Conflict in a Family Business & Preserving Harmony
Ask any family business owner about the biggest challenges they face and chances are they will talk about navigating the roiling waters of family and business relationships. In this segment of our series, we look at the most common problems families face and offer advice on dealing with them.
Part 6: Selling Your Business to Private Equity
When you were building your business, chances are you dreamed of a big payday selling your company to an eager buyer and pocketing a substantial profit. But it can be a difficult and time-consuming process that requires expertise in things like business valuation, due diligence, and financial reporting that your company bookkeeper lacks. Here we lay out 9 important questions you should ask before deciding that selling to a PE fund is the best exit strategy for you.
Contact InterimExecs for a confidential consultation about your plans for the future and what the company you have built needs to smoothly transition to new leadership. InterimExecs RED Team of top executives work with owners to develop and execute a strategic plan for exiting your business. That means providing operational expertise to increase the value of your business and putting structure in place so you can successfully change roles or transition out.