However, when it comes to preparing their business for sale they usually do not apply the same principles or discipline.
Very few will win the lottery. That is, have an enthusiastic buyer who walks up and offers a price beyond your expectations. Subsequently, careful and thorough planning is essential to achieve your goals.
In fact, it can take five years or more to have your business in the right shape and have a suitor keen to take over the business.
From my own personal experience on selling my Financial Planning Practice, I realise that there were shortfalls in developing my own exit strategies.
Subsequently, John Drury, business mentor, Graham Sanders, business growth and exit specialists and myself have developed a workshop with the support of the Sydney Hills Chamber of Commerce to assist business owners to address this (often) daunting task.
The workshop will examine a variety of ways to exit successfully as no two businesses are the same and opportunities for one business could be totally different for another.
The workshop will discuss how to first determine your own goals, take an objective view of your business and develop plans to make your offer attractive to prospective buyers.
It will touch on the important role advisers play in the process eg: accountants, lawyers, brokers and financial planners.
There will also be two case studies involving two business owners who took completely different paths to achieve their goals.
One session will discuss Life Beyond Business Exit including a focus on successful people who are looking for the next challenge and not necessarily retiring from full- time work.
All participants will walk away with a clear understanding of what they need to do to clarify their own goals and get their own businesses into shape for sale.
The first workshop will be held on the morning of September 7 at the Hills Lodge, Norwest.
To register for the workshop go to: https://app.etickets.to/buy/?e=15362
Enquiries – call John Drury 0405 539025
Tom Graham is now retired and a former Director of Black Financial Services.
