As we mentioned on our last blog post, holidays are a wonderful opportunity to stand back from your company and really reflect on what you want from your business.
If youâ€™re an experienced business owner whoâ€™s done the hard yards, made the sacrifices and built your own successful empire, your outlook may be very different. Your priority may not be two weeks away on the beach; rather it may be a desire to look at winding down, or even selling, your business.
Letâ€™s see how forward-planning and a clear strategy for selling the business can pay dividends and help you achieve your leisure and retirement goals.
Established businesses: selling up to free up your time
Once youâ€™ve built your business empire, you may start looking to scale down your involvement and boost the leisure side of that work/life equation.
There are two common objectives for business owners in this position. Youâ€™re likely to be either:
- Looking to sell so you can have more holidays and more time lying in the sun.
- Not looking to sell just yet, but looking to enjoy breaks with a view to selling one day.
So, when should you consider how to make your business more interesting for sale?
Solutions will be different for each particular business owner, given the divergence of businesses out there in the market. But itâ€™s sensible to start planning for that sale sooner rather than later.
Any processes that attract purchasers will also help your business NOW. Itâ€™s important to invest your time right now, so you can put your feet up at a later date, once the business has been sold.
Once youâ€™re ready to put the business on the market, your key concern will be getting the maximum possible price for your company. And this is where professional advice is truly invaluable.
Caplan Associates can give you advice at an early stage, allowing you to maximise the worth of the business. We work with BCMS, the market leaders in the sale of privately owned companies. Theyâ€™re just one of our network partners, and will work with you to get the best possible price and bring real value to your sale.
Talk to us about your business planning and holiday time
So, the important thing is to have a clear focus on planning and efficiency. And to start planning your sale as early as possible
With this in mind, youâ€™ll maximise the potential worth of the company and will increase the likelihood of a fast and efficient sale of the business â€“ and that frees up the capital youâ€™ll need for that leisurely cruise or island getaway. Go on, treat yourself.
If youâ€™d like to talk to us about your business planning, please do get in touch for a chat about making your holiday time a reality.