When you started your company, how did you intend to get your return on your investment?
If getting a return on your investment in building your company is a primary goal then you need to know the game has changed. You don’t need a succession plan, you need to make your return on investment decision first. Then a succession plan is one step in making a company saleable, or part of how you will close the company down one day.
There are two primary ways to get that return, given the fact that less than 10% of business owners who attempt to sell their companies actually find a buyer and get a deal done. Make your decision today so that you have the time necessary to actualize what you really want. You and your company are at a critical decision point.
Choose between these two options.
- Lifestyle Business – Invest your dividends and a portion of your salary over the years and use that accumulation to fund your retirement. When you are ready, close your business.
- Wealth Creation Business – Make your company saleable. Which means making sure it is attractive to the next buyer AND worth what you want to sell it for when you want to exit.
Anyone who tells you that you will be able to sell your company when you want, for what you want doesn’t know the current realities. A succession plan only prepares you so someone can take over your job. It does nothing to prepare your company so that someone actually wants to buy it for a value that you want to sell it for.
The Exit Game has changed. Learn to play it so you get what you want long before life’s circumstances force an outcome you don’t want. What choice will you make?
Want to learn more about making this decision. Get “How to Increase the Value of Your Business BEFORE You Sell”
