Posted: July 31, 2017 by Robert Craven
I came back from a most depressing two days in North Wales (Bangor and Wrexham) – the area and the people were great: real warm hospitality. The problem was the subject I was discussing… succession planning. Like writing a will, you can always put off succession planning till tomorrow… and that is the problem.
Roughly three-quarters of business owners expect to have a big pay-out when they sell their businesses… but roughly the same number don’t have any plans in place for their exit strategy.
The result is that the majority of business owners (as much as 75%, according to the research!!!) get next-to-nothing for their businesses when they retire – a couple of old Dell computers and some staplers is hardly fair recompense for the years you have put into growing your business.
The chances are that you will be one of the ones who gets next-to-nothing when you sell/close your business.
And how much is your business worth? Most people have hugely inflated ideas of what they will get when they sell their business – I mean totally unrealistic! Doom and gloom or what! However, it is never too late. Ask yourself:
If you don’t start planning your exit right now then you may well have a very impoverished retirement!
If this has triggered a nerve and you’re not sure where to start… send me a message and I’ll give you some tips! firstname.lastname@example.org
You might also like this other article: Time for a Sharp Exit