One Person's Exit Analysis
One Person’s Exit is Another’s Entrance
As a business owner, you have experienced ups and downs. You are aware of the state of your company, and you know what the person after you should expect. They will face the same issues, and work to reach the same goals, which do not come with just being the owner. Since they will walk in your shoes, it is safe to say that your exit will be their entrance. This newsletter will help you understand the mind of the business successor better, so you can establish a proper relationship with them.
What Comes in a Package with Your Exit?
To be able to wrap your head around the notion of the future of your company, you must first be aware of all the other elements that the package you are selling consists of. …show more content…
In most of the cases, this is a rather unrealistic expectation. The new person may bring some innovations when it comes to management. Also, their experience may have a positive impact on the company’s overall performance. Finally, they are investing in the company, so they are also bringing the money. However, no one knows your business better than you, since you are the one who built it. This is precisely why you should take the lead in this portion of the process and share the information about your company. The people who take your position will probably need to invest a lot of time and effort before they can make a true …show more content…
If you were a house seller, you would want to leave your house in the best condition possible, since its improved look would positively impact the price. You would make sure that there are no repairs left to be done, since a house in a poor condition is not worth much. In the worst-case scenario, the house may not even attract the buyers. Not preparing your business for sale and expecting the buyer to do all the ‘heavy lifting’ could back fire right at you. This is why it is important to tackle all the problems prior to selling. The buyers worth your time should be eager to start fresh, with a clean slate. Only if you give your successor a clear entrance can you expect them to pay you well and take your business to the next
As a business owner, you have experienced ups and downs. You are aware of the state of your company, and you know what the person after you should expect. They will face the same issues, and work to reach the same goals, which do not come with just being the owner. Since they will walk in your shoes, it is safe to say that your exit will be their entrance. This newsletter will help you understand the mind of the business successor better, so you can establish a proper relationship with them.
What Comes in a Package with Your Exit?
To be able to wrap your head around the notion of the future of your company, you must first be aware of all the other elements that the package you are selling consists of. …show more content…
In most of the cases, this is a rather unrealistic expectation. The new person may bring some innovations when it comes to management. Also, their experience may have a positive impact on the company’s overall performance. Finally, they are investing in the company, so they are also bringing the money. However, no one knows your business better than you, since you are the one who built it. This is precisely why you should take the lead in this portion of the process and share the information about your company. The people who take your position will probably need to invest a lot of time and effort before they can make a true …show more content…
If you were a house seller, you would want to leave your house in the best condition possible, since its improved look would positively impact the price. You would make sure that there are no repairs left to be done, since a house in a poor condition is not worth much. In the worst-case scenario, the house may not even attract the buyers. Not preparing your business for sale and expecting the buyer to do all the ‘heavy lifting’ could back fire right at you. This is why it is important to tackle all the problems prior to selling. The buyers worth your time should be eager to start fresh, with a clean slate. Only if you give your successor a clear entrance can you expect them to pay you well and take your business to the next