Planning an exit strategy for you business – and yourself
Most business owners have dreamt about owning a successful business the same way top athletes dream about winning the top trophy in their respective fields. Business owners often spend decades bringing their vision to life. They dedicate their time, resources and energy into building their dream business.
Spending a lifetime growing a business you are passionate about is exciting, however, there will come a time when retirement, or time away from the business, will be necessary. The day-to-day life of running a business is often all-consuming and therefore little or no attention is given to planning how to hand over control.
Through the advice of business partners and advisors, a business owner will likely devise an exit strategy for their actual business but neglect to create an exit strategy for themselves. Even before retirement, there can be plenty of unforeseen issues that can take the owner out of the day-to-day equation for an extended period of time. An unexpected illness or absence can lead to a lost opportunity or unexpected distractions. It is therefore advisable to create a plan to take care of yourself as well as your business.
As hard as it is to leave your dream behind at the top of your game it may be the best time to start to step away. When your business is on top you can get great value and prove the potential and profitability of your business. Removing yourself slowly from the day-to-day operations will create an easier transition to retirement, and will allow you to better prepare for the change of pace in your life.
Planning your business exit plan needs to go hand-in-hand with planning your own retirement or change of career. Going out on top isn’t always easy – but it is usually the best plan for the future of your business.
At Bedrock Capital Management we listen to each client and design a process that will meet their objectives. We have years of experience and expertise in helping a business achieve their goals. Contact us today to get the conversation started – www.bedrockcap.ca