| There is no denying that your exit strategy is a | | | | First, Mr. Smith must ask himself if his business is |
| tactic that every single business owner needs to | | | | salable. Well, he has a steady flow of customers |
| have in mind, but sometimes this is more | | | | that keep him working full-time... plus additional |
| complex than we would like to believe it is. Selling | | | | requests for work every week. He employs |
| your business can provide you with a lot of | | | | multiple employees aiding him in his business full |
| excellent opportunities, but unless you completely | | | | time and his records for the past four years |
| have an understanding of your exit strategy and | | | | show continuous growth and profit. Yes, his |
| the best way to implement it, you will be left with | | | | company is salable. |
| a business that you either can't sell or that you | | | | Now, is he all set to sell his business? Since he is |
| can't get its value out of when you do sell. | | | | getting ready to turn 55, he is really ready to |
| That's the reason there are 5 principles that you | | | | retire. He wants a life outside of his business and |
| need to comprehend before you even consider | | | | he determines that this is an excellent time for |
| selling your business. These key points are simple | | | | him to get out. |
| enough to understand and helpful enough to give | | | | Next, with the economy in mind, is this an ideal |
| you some valuable insight on whether your | | | | time to sell? Well, it is the middle of the summer |
| business is ready to sell. | | | | and his business is always the strongest during |
| 1. Is your company salable? | | | | the summer. Also, he just got a motor replaced |
| 2. Are you prepared to sell your business? | | | | for one of the business' trucks, and for the last 5 |
| 3. Is this the best time to sell? | | | | months he has put money back into the business |
| 4. Are you personally committed to selling? | | | | to upgrade tools and equipment. Also, the |
| 5. Does it help your life plans in the long term to | | | | handyman economy is booming in his city. So yes, |
| sell your company now? | | | | it seems that now is a good time to sell. |
| Those are the 5 principles that you must keep in | | | | Next, is he personally dedicated to selling? Mr. |
| mind if you are considering selling your business. | | | | Smith desires to be done working, because he |
| Because it may be hard to understand how all of | | | | would like to be able to travel and enjoy his |
| these principles work in a real-life scenario, here's | | | | retirement free of the stress running a business |
| a situation that might enable you to comprehend | | | | brings. So yes, he is completely devoted to selling |
| just how these key points relate to you. | | | | his business. |
| For example, let's look at Mr. Smith. Mr. Smith's | | | | Finally, does selling accomplish his long-term plans? |
| managed his own handyman business for close | | | | Selling the business for a reasonable price would |
| too 10 years now. He has built up a fair amount | | | | help him to realize his dream of investing in the |
| of savings and is thinking about retiring... seeing as | | | | stock market, which he has always wanted to do |
| how he is around 55. To help add some stability | | | | but never had the chance. This would also allow |
| to his savings, he is considering selling his business. | | | | him to relax on weekday mornings and travel in |
| However, since he is not sure whether this would | | | | his camper when he wants. So yes, selling his |
| be profitable for him, he chooses to use these 5 | | | | business helps him accomplish his objective of a |
| concepts and look at his business to see if selling | | | | successful retirement by age 55. |
| is a wise decision. | | | | |