One of the most overlooked questions in any small business is “When do I get out of it?” or “When will they take me out”, i.e. in a box? There’s no easy answer to this question, but it’s something every business owner needs to know and plan for.
Part of every business plan, and yes this plan should be documented, should be an estimate of the lifetime of the business as it relates to you the business owner. Are you in it for five to ten years with the idea of selling out at a predetermined price at a predetermined time? Is it meant to be a family business you want to pass on to your children when they’re able to take it over? These are some of the key questions you need to be asking yourself.
If your intention is to sell the company at a certain point in time and at a certain price your strategy should be to enhance the value of the business between now and that date by increasing the worth of its assets. Surprise, most small business owners have other ideas, e.g. how do write this an
Part of every business plan, and yes this plan should be documented, should be an estimate of the lifetime of the business as it relates to you the business owner. Are you in it for five to ten years with the idea of selling out at a predetermined price at a predetermined time? Is it meant to be a family business you want to pass on to your children when they’re able to take it over? These are some of the key questions you need to be asking yourself.
If your intention is to sell the company at a certain point in time and at a certain price your strategy should be to enhance the value of the business between now and that date by increasing the worth of its assets. Surprise, most small business owners have other ideas, e.g. how do write this an
