In our consulting client engagements the first question we ask is: What is your long term plan for your business? It is no surprise that most entrepreneurs do not have an answer to this question. They have spent a great deal of time determining how to start and grow their business, and how to achieve continual success, but they have not taken the time to look at what happens when they are done.
Starting and growing a business comes with so many ups and downs, even when you reach a level of success you thought was what you wanted, once there you find you want to expand or explore different business strategies. It is a never ending process that requires your time and attention, and most often that means the consideration for what the ultimate plan is has not yet surfaced for your consideration.
But the catch is… What you want as an ultimate goal for your business needs to be considered as you make decisions along the path of starting and growing it. We understand it is kind of putting the cart before the horse, a bit of a prenup for business, but it really is important to make the determination of the exit strategy as early as possible.
It is especially important to have your eye on the exit strategy when you are considering major changes in the business such as a merger or the purchase of another business. Merging and acquiring synergistic businesses is often a very powerful way to reach higher levels of growth, but this decision should be made with strong consideration of your long term goal.
Transferring to Family
These are the options. What is your plan? Need some sage advice on your business operations and plans? Please give us a call and let’s talk about it, 619-798-6774! You will learn a lot during our conversation and we will give you plenty of food for thought!