Are you an entrepreneur that will be selling a business or even working into it until the last day you’re on the planet? Have you thought about what you’ll do when the time comes to exit the business?
It’s important to start planning years before you want to leave. Usually it’s recommended at least five years before your planned exit to have time to get your bookkeeping in order. And then you have great financials for at least three years, as buyers will want to see what’s happened over the past few years in your business to make sure it’s a wise investment to do so.
You’ll need to start thinking about what would need to be done if you could not be in the business running the company. Who should take over the tasks that you currently handle? What should be the pay increases of the staff that takes over? Will you be selling to an outside company and you’ll need to be working with the company to make a smooth transition?
These and other questions are things to consider so when you’re planning to move out of your business, you’ll have everything in place.
If you need help going over these types of questions, give us a call at (310) 534-5577, and we’d be happy to discuss some planning with you. And of course, we also have resources that can help you make your business even more successful now to make it attractive for the buyers in the future. We can be reached at (310) 534-5577 or firstname.lastname@example.org.