Most business owners are not operating their businesses in a way that actually builds its value. Typically, business owners are fulfilling a lifetime passion and operating as a “life-style” business providing a stable weekly income. Too often, owners are overly focused on day-to-day operations.
Please join Terry Shepherd, a founding partner of ROCG, and Michael Vann of ROCG Springfield who will speak about building business value and positioning your business to achieve your personal, financial, and business-related goals.
In addition to building business value, Terry will touch upon planned and unplanned exit timing. For most of us unless you have other diversified financial assets to rely upon, you will need to ensure your business is always in a “sale-able” condition, and know if you will achieve enough financial resources from the transaction to fund you and your family’s post-sale lifestyle need and wants.
•Do you know what your business is worth?
•Have you started to build a Business Transition (BT) Plan?
•Do you know when you would like to exit from your business?
•Do you know which exit option is most likely to meet your personal, financial, and business-related goals and objectives?
The most critical question you have to answer NOW is “how much do you NEED from the sale of your business to fund your future lifestyle?” It’s never about what you want from the sale or what you think your business is worth. You need to know if you have a value gap, and if you do, how are you going to close it. This is the starting point upon which to build your exit plan and then quickly begin implementing it.
Remember, you typically have one shot at success…it has to be a good one!