Thinking Ahead
The Business Sale Mindset - Embracing your exit journey.
The journey towards selling a business is often more complex than it appears, demanding resilience, good decision-making, and a stroke of good fortune.
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Almost all business owners will need to grasp how to enhance their worth, comprehend the desires and business drivers for potential buyers, and identify and implement the necessary changes to increase the viability of your business exit.
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For each entrepreneur who successfully sells their business, the business exit is as monumental as their initial choice to launch the business. The reward is not just the gratifying realisation that all the strenuous efforts and difficult decisions have finally borne fruit, but it also often includes a significant financial compensation that can be life-altering.
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However, the reality is the road to a business sale is seldom as straightforward as it appears externally, demanding resilience, discernment, and yes, a good deal of luck on numerous occasions. The silver lining is that adopting the right exit mindset can greatly enhance an entrepreneur's likelihood of success. Nevertheless, our experience also reveals that even the most gifted entrepreneurs need to better comprehend common misconceptions and avoid pitfalls as they expand their businesses.
YOU CAN NEVER GET ADVICE SOON ENOUGH
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Drawing from our extensive experience, we've found that the potential success and worth of a business sale is largely determined well in advance of any decision to sell. This suggests that obtaining advice and broadening your understanding of the necessary adjustments for your enterprise during its evolution is absolutely essential to boost your chances of success. Unfortunately, this factor is often overlooked by entrepreneurs.
BUSINESS EXIT: NOT A STRATEGY IN ITSELF
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For many entrepreneurs, selling their business could be the ultimate goal from its inception and throughout its growth. However, in our experience, being overly focused on a business exit can lead to complications. A significant number of entrepreneurs feel they should consider an exit at each stage of business growth. On the contrary, the majority of those who have successfully sold a business believe that the main emphasis should always be on building a thriving enterprise.
YOU CANNOT NECESSARILY CONTROL THE TIMING OF YOUR SALE
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The timeline of your business sale may not be within your complete control. In the contemporary commercial environment, it is not uncommon for individuals to chart out one, three, or five-year plans, shaping their business and personal ambitions. This might give the impression that, as a business owner, you can single-handedly determine when to sell your business. While this could be the case for some, it has been repeatedly observed that the role of fortune, both favourable and unfavourable, is influential in the process of selling a business.