UK’s baby-boomer-entrepreneurs are rapidly reaching retirement age without doing any exit planning. Many own businesses in the Built Environment. Moreover they are still expecting to have a financially secure retirement.
This is jeopardising the likelihood of a successful exit from their business. Especially as business in the Built Environment often have variable profitability. It often depends on external factors outside of any business’ control. A successful exit is often about timing – and both you and your business need to be ready for when the timing is right. Similar to running a marathon, it’s a whole lot less painful if there has been some preparation in advance.
Business Succession and Exit Planning takes time to implement. It can seem overwhelming, especially when there is so much of the day-to day to deal with. Getting started can be the hardest part of the journey. It typically takes 12 months to sell a business that is ready and prepared for the sale process. Getting in shape will significantly increase the chances of success. 80% of businesses never achieve a sale. Lack of preparation and planning are significant contributors to that statistic.
It is never too early to plan Business Succession & Exit. In our experience leaving it to the last minute produces poor results. If you want to get the best value for your business, regardless of who you transfer the ownership to, then looking at your business through the same lens as an investor is the first place to start. Knowing what a potential buyer or investor is looking for will prepare you and your business for the sale process. It will be less stressful and more likely to have a successful conclusion.
To find out how the implementation of a business succession plan impacts your business, get a copy of our white paper.