Creating a successful business and selling it for its maximum value is the holy grail for most entrepreneurs. Despite this, it is estimated that only 10% of business owners have formal growth and succession plans in place.
Luck is rarely a key factor to success, and whilst you might not be ready to sell your business now, it is never too early to look to the future and make plans.
Many operators are so heavily occupied in the day-to-day running of their company, they struggle with the time and headspace to strategise long-term business success.
This is where a good adviser can assist by helping you to address multiple questions, including:
- Should you grow organically or more swiftly through acquisition?
- How can you retain staff and incentivise your management team?
- What steps need to be taken to increase market share?
- How can you increase the profitability of the company?
- What do you need to do to make your business attractive to future buyers?
Some steps will take time to implement and reap rewards, whilst challenging macroeconomic conditions make it even more important to put growth strategies into place.
While the M&A market is a little trickier to navigate currently, it remains rife with opportunities across many sectors and 2023 is already shaping up to be a busy year for business owners looking to take the next steps.
One thing that is undisputed is that those who act and take deliberate steps to make their business an attractive proposition, are more likely to realise optimal value when they do eventually want to sell.
Whether the ultimate sale of your business is to secure a comfortable retirement, to experience the excitement of international travel, or to start a new venture, the thrill of building a business, and ultimately selling it, is unmatched.
Find out more about effective growth objectives and confident exit planning at our free event here.