Are you a business owner who is tired or frustrated with your business?
We meet many business owners tired and or frustrated with their business. They tell us that they have either lost the enthusiasm that originally kindled their entrepreneurial endeavor or their focus has move onto something else; something more important to them. The most common thoughts are “How will I ever make it to retirement” or “How do I get out of this business and into something else” and “I’m tired of being an owner. All I want to do now is take a job and leave all the responsibilities behind. Working 9 to 5 sounds good to me” lastly “Now that I’m ready to turn my business over to my kid’s, they tell me they don’t want it!” Here in lies the question: “Now what do I now?”
This question should have been asked immediately upon starting the business: “What is my Exit Strategy?” Although the timing of this question may sound ludicrous, unless you have a strategy, a direction, a view of the end-point, you will never know when or how to you get there. Not understanding if or when you get to your exit point is further complicate by not know how to get out; how to sell or dispose of the business’s assets for the greatest amount possible! Obviously, you can simply close the door, lock it behind you and walk away. Unfortunately, many business owners do just this. They walk away from a pile of money that is rightfully theirs. They have worked hard and long hours struggling to earn a fair “Exit Umbrella Of Cash.” Now, without direction, they are leaving all this money on the table. A simple truth: Very few people make a fortune in the day to day operations of their business. But, many entrepreneurs make that fortune when they sell their business.
Some businesses are easier to sell than others. But, every business has a value; some, obviously more than others. This value is based on many items including but not limited to the type of business; length of time in business; product and or service offered; size, type and longevity of customer base; inventory; furniture, fixtures and equipment; gross sales; adjusted net income to the owner (before taxes); business location; franchised or independent; local, regional, national, international; etc. These are some of the value determinates that we work with to appraise the market value of a business. Not an exaggerated, unrealistic amount that no one will pay but rather a price that will net the owner a fair market value for this business - the price it will actually sell for in a reasonable time frame.
Exit Strategies can be as simple as handing it over to your children (if they really want it), selling it to your partner (if you have a buy/sell agreement in place), dieing and letting your relatives fight over it, or simply walking away.
Exit Strategies can be created through conversations with your lawyer, accountant, business advisor, business broker or a combination of all of these. This document maybe multi-level or a fluid document that follows the development and growth of your business or stagnant and offering a simple “for sale” through a competent business broker. The point is intuitively straightforwardly: no matter how you create it, no matter who you hire to do it, no matter its structure, you need to put one in place A.S.A.P! By completing this task now, before you need it, you will have a target to aim for, a destination to travel toward or cleanly, a way out.
PBOT Financial Group
Email: first.response@sbcglobal.net
www.bizben.com/brokers/23688.php
www.directoryofsandiegobusinesses.com/pbot-international.htm
This question should have been asked immediately upon starting the business: “What is my Exit Strategy?” Although the timing of this question may sound ludicrous, unless you have a strategy, a direction, a view of the end-point, you will never know when or how to you get there. Not understanding if or when you get to your exit point is further complicate by not know how to get out; how to sell or dispose of the business’s assets for the greatest amount possible! Obviously, you can simply close the door, lock it behind you and walk away. Unfortunately, many business owners do just this. They walk away from a pile of money that is rightfully theirs. They have worked hard and long hours struggling to earn a fair “Exit Umbrella Of Cash.” Now, without direction, they are leaving all this money on the table. A simple truth: Very few people make a fortune in the day to day operations of their business. But, many entrepreneurs make that fortune when they sell their business.
Some businesses are easier to sell than others. But, every business has a value; some, obviously more than others. This value is based on many items including but not limited to the type of business; length of time in business; product and or service offered; size, type and longevity of customer base; inventory; furniture, fixtures and equipment; gross sales; adjusted net income to the owner (before taxes); business location; franchised or independent; local, regional, national, international; etc. These are some of the value determinates that we work with to appraise the market value of a business. Not an exaggerated, unrealistic amount that no one will pay but rather a price that will net the owner a fair market value for this business - the price it will actually sell for in a reasonable time frame.
Exit Strategies can be as simple as handing it over to your children (if they really want it), selling it to your partner (if you have a buy/sell agreement in place), dieing and letting your relatives fight over it, or simply walking away.
Exit Strategies can be created through conversations with your lawyer, accountant, business advisor, business broker or a combination of all of these. This document maybe multi-level or a fluid document that follows the development and growth of your business or stagnant and offering a simple “for sale” through a competent business broker. The point is intuitively straightforwardly: no matter how you create it, no matter who you hire to do it, no matter its structure, you need to put one in place A.S.A.P! By completing this task now, before you need it, you will have a target to aim for, a destination to travel toward or cleanly, a way out.
PBOT Financial Group
Email: first.response@sbcglobal.net
www.bizben.com/brokers/23688.php
www.directoryofsandiegobusinesses.com/pbot-international.htm