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Selling your business is a significant life event. The proceeds are often used to fund a comfortable retirement, or as capital for the next phase of your business or career.
Whilst you may not have considered selling your business in any detail at this point. You may know the approximate timing you want to exit. Quite likely, you have a figure in mind to fund the future you have planned.
But things may not turn out as you hope. In our experience, the target sale figure is often based on the amount business owners feel they need. It may not be a realistic valuation based on trading, assets and projected cash flow.
Our first question is fundamental: Do you have a clearly defined strategy to make sure your business is worth the amount you need, by the time you plan to sell?
On the face of day-to-day business pressures it’s easy to leave it too late to start implementing detailed plans.
Because there’s no strategy leading up to the sale, many business owners end up working longer than they wanted to. Or they have to change their expectations for their retirement lifestyle.
It’s never too early to start thinking about your exit strategy and the key to any successful sale is having good financial data.