Does this sound like you?
As a business owner, you know what it feels like to hold the future of your employees and their families in your hands. You also understand what your business means to the local economy. So often business owners work hard to provide future stability for everyone around them, yet they tend to forget about the other important future that’s within their control and that’s your own.
Planning your exit strategy can seem overwhelming. There’s a lot to think about:
- Will my children, a family member, or an employee want to take over?
- Is the business intertwined with personal finances?
- How can I protect the income stream my family depends on?
- How much is my business worth and is there someone out there who will buy it?
- How can I be certain that my life’s work is going to be handled with respect and continue to be guided by the values I cherish
- How will I be able to handle all the details that will conflict with the responsibilities I already have?
In the end, one thing is for certain – you will exit your business one way or another. It’s up to you to determine whether you want to plan an exit on your own terms or have your exit dictated for you.
Am I ready to sell?
Selling your business is a major decision. You have devoted your time, money, and energy into building and operating your business. It may even represent your life’s work. If you’ve already decided that now is the right time to sell, you’ll want the very best professional guidance you can get. But how do we make this all work?
Understand your objectives · Gather data and identify strengths and opportunities to improve value · Recast financial statements · Review and forecast projections · Determine initial prospective buyers and review possible candidates
Develop a confidential business review document for potential buyers · Meet with your other professionals (accountants, banks, etc.) · Develop marketing plan and potential buyer profiles
Research and target active industry buyers through professional associations · Execute marketing plan both online and via direct mail if necessary · Screen qualified buyers · Present monthly marketing activity report
Determine buyer interest · Evaluate buyer’s capability to purchase · Establish first meeting between you and potential buyer · Motivate buyer to make purchase · Negotiate · Both parties sign Letter of Intent (LOI) and Purchase Sale Agreement
Is your business valuable?
Let’s face it – you’ve put blood, sweat and most likely tears into your business. Now that the time has come to think about moving on, it’s going to be an emotional time. These reasons alone tend to make business owners feel like their business is worth far more than the market may lead us to believe.
This is where someone like myself comes in. Our job is to help you find the right buyer and get the most value for your business when it’s time to sell. This means understanding the truth of your business value today so we can work to increase value for tomorrow [Link]
EastWind has completed transactions in a wide range of industries
Oil & gas services
Manufacturing & processing
Is your business
If you’re planning to exit your company in the near future, you may find EastWind’s Exit Strategy Playbook helpful in developing your own exit strategy making your company more sellable.