[1945008derPlanderGründerfürdasheißtwannundwieerodersiedasGeschäftverlassen-] part of a business plan, which is often overlooked entrepreneurs their exit strategy . Many entrepreneurs believe they will never want to leave their companies. If that's you, there are several reasons why you need to consider life after the company, even if your entrepreneurial journey just begun.
1. Your family needs to know
If you plan to keep your business in the family, you will displace a lot of responsibility for your loved ones after you retire. Make sure that they, that one day understand you will expect them to carry on your heritage. If they are not on board when the time comes, you may have to consider to sell the business or shut down completely. Family Succession planning is not an easy task, so work with your family, can advance to save your company a lot of later conflict.
2. your business possibly be worth less than you think
Just because a company deserves strong sales, does not mean it has any value to a potential buyer. When you start your business will probably have some tangible or intangible assets. All devices that you need to buy some depreciable value, but your brand and human capital assets, take the time to build. So if you are. Your business in the future, you need to look at more than the turnover for sale, and make a plan to start value build now so that you have something to sell later
3. Your exit strategy may dictate the operation
When you start to buy a business with the intention of going to have very different operations, as if your plan is forever in the business to work. are usually sold requires a really aggressive growth plan to position a company that is likely to require a lot of resources. On the other hand, lifestyle companies that grow slowly and are on smaller budgets can stay in the family.
It's okay to change your plan
No matter how much you plan, not your business develop exactly as you imagine. That is, your exit strategy can be flexible. Today, you can imagine your business sold to a larger company, but in a few years a management buyout might make more sense. You may change your mind. What is important is if you start your new business that you think about your options and plan your operations viable to make at least one of these options.
Writing an exit strategy could be compared sending a letter; You know that you should do it, but you do not really think about. However it may be, actually quite exciting to start a business with the end in mind; it gives you a clear target to guide the growth of your business, and it can give your business more meaning and purpose.
Have you thought about what will happen in the future for your business?
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