According to a recent report from the International Business Brokers Association (IBBA), even though retirement is far and away the most common reason that sellers go to market, most business owners are doing little to no exit planning. The smaller the business, the less likely owners are to plan. Of those owners who did plan, most started less than a year before putting their business on the market.
If 2020 has taught us anything, it’s that an unplanned, significant business disruption can occur without warning. Lack of preparation could prove disastrous.
Now that everyone is living and working in what has been described as the ‘new normal’ we can put that knowledge to work to reverse engineer a plan that includes how to transition out of the business on a timetable you’ve created. Consider how remote work challenged or was buoyed by your IT networks. How did your team respond to newly implemented protocols related to health & safety? Which products and services met the needs of a world in crisis? And, if top talent became ill or there was an unexpected death, what mechanisms were in place to continue operations?
While no one can predict all the twists and turns a New Year might bring, a business continuity plan can help identify essential work and plan for how the business will continue to operate amid disruption.
And, just as you plan for the unexpected, it’s equally important to plan for the eventual sale of the business.
Working with the team at CBI, we’ll help you create a plan to exit your business on your own terms. Working together, we can help you identify when you wish to exit; identify potential successors or best-fit buyers; leverage our processes to identify market-driven pricing; assess market conditions, contingencies, tax implications and create a marketing plan to deliver results.
Ready to start? Call us today at 877-582-5200.