There is no entrepreneur in this world who would think of closing down his business at any point in his life. He would wish to see his business scale greater heights and bring him more and more profits. Whether it is a family run business, or a major conglomerate group of business, the entrepreneur would surely have a concrete plan in his mind for his business. He would surely wish to see the business reach where it has never reached. Every entrepreneur might wish to see his business take great leap and make profits. But he should also start thinking of what he wishes to do of his business. What will happen when he is not there to lead the business should also be taken into account.
One way of this exit planning would be by deciding on the person who would be succeeding him in the business after his exit. If it is a family business then is the heir ready to take over? It is absolutely wrong to assume that the son or daughter would surely wish to take over the place where the father had left off. So, consulting Ryan Binkley Generational Equity or the professionals in the company would be a better suggestion.
Exit planning can start from whenever you wish to plan the exit and from the time, you wish to move ahead. Do you wish to sell the IPO’s, and make money and help in raising cash for a happy retirement? Do you simply want to sell the business to someone who had expressed his desire to buy your business long ago? These questions have to be answered firstly and then the entrepreneurs have to find out if they have to be ready financially before the sell out.
This kind of calculation is essential and discussing with Ryan Binkley Generational Equity would help you clear up your thoughts. You would need to sit with the taxes and have the right numbers out. You would have to spend a lot of time in ensuring that the taxes are all paid and there is no flaw, since it would affect the sales process. The entrepreneur should have a clear exit-plan charted out and before going on any of the processes and since it would be an irreversible step that would be taken so it should be handled with care.
Experts like Ryan Binkley Generational Equity would believe that just by deciding to go for merging or acquisition or for selling off, one cannot do anything concrete for themselves. The entrepreneur cannot just decide to denounce the business one fine day without any reason. He has to try to ensure that before the liquidation, or even acquisition takes place, the business should be in right shape. Analyzing the balance sheet, and evaluating the actual price or value the business is in currently, would help the business. Try to evaluate the reasons and the USP’s of the business before drafting any exit-plan for the business.