The dangers of leaving your business exit and succession plan too late
Business Succession and Exit planning is the easiest thing in the world to delay, stall, out-off and avoid – it is never urgent – until it is!
Unplanned events such as serious illness, divorce, death, accident and dispute, can all mean the plan has to be acted upon immediately – assuming there is a plan. In the absence of a plan the lack of certainty (at the worst possible time when people are already stressed) can destroy business value and family wealth.
We are also seeing a lot of unsolicited offers in the market, for example someone offering to buy your business without it being for sale (these are gold and you want to capitalise). This means the buyer is attracted to your business – often for a strategic reason and they will often pay more – but if you are unprepared you may lose this opportunity.
No-one has ever complained about starting to plan (anything) too early – the sooner the better. Prepare properly for unplanned events – you cannot avoid them but you can certainly minimise the damage & make sure your business is exit ready all the time –
“Begin with the end in mind.”