Preparing for a smart business exit

It’s easy starting a business; it’s much harder getting out again.
Most business owners find this out too late.
Business exit strategist Geoff Green shared his key insights on business exit strategies with local business and community people at a Bass Coast South Gippsland Business Alliance networking lunch in Inverloch recently.
The private business sector employs over half the Australian workforce, with well over 70 percent of Australian businesses owned by baby boomers according to Mr Green.
Over the next 10 to 15 years, he sees this having a big impact on communities across Australia as the baby boomer generation heads toward retirement.
“A lot of baby boomers are getting to the stage where they want to exit their business, but some are quite unprepared and don’t have a business exit plan,” Mr Green said.
“People should start thinking about their exit strategy early, because a lot of people tend to put it off until it’s too late to add real value.
“Quite often people will then have to sell because of ill health which can prevent them from running the business and people need to be cautious of that.”
Mr Green said children these days are also less likely to take over the family business in the current market, compared to previous generations where it was quite common.
“We notice younger people are often reluctant to go into their parents’ business,” Mr Green said.
“Often they’re not the sort of businesses they prefer to run and would rather set something up themselves. They want flexibility and a lifestyle, and want to be able to do different things instead of spending 30 or 40 years in the one business.”
Three key strategies Mr Green shared with the audience included working on your business rather than in your business, building your business to sell and to always be thinking like a buyer.
You can access a range of free resources to start building more value in your business and preparing for your exit at http://smartbusinessexit.com/resources/business-exit-resources-overview/
You can also take the complimentary Value Builder online assessment to get a snapshot of how sellable your business is and the indicative value of your business via the Smart Business Exit website http://smartbusinessexit.com/thevaluebuilderscore/
The Bass Coast South Gippsland Business Alliance events are held quarterly with the support of Federation Training, Telstra, Bendigo Bank and Bass Coast Shire Council.
The next event will be held on Thursday, September 14 in Inverloch and will feature keynote speaker Maree McPherson who will be talking about executive coaching and return on investment.
Details of the event and registration can be made by contacting Kirstyn Krausz on 0413 187 576 or visiting the Gippsland Community Network Events Facebook page.

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Posted by Sarah Vella on Jun 6 2017. Filed under Business. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry