Any new business owner is understandably excited about building a business and looking forward to the future. There’s dozens of things to do, decisions to be made, and a whirlwind of items to tick off a list to finally open your doors. The feeling of having something of your own creation can be power packed. But what many business owners fail to think of is the distant future where they may have different lifestyle needs and want to bail out. What then?
Needing to sell your business is something you should be thinking about before you even start. Where are you in your life? Will you have grown kids in ten years? Will you want to retire? Will you still be in a growth mode? How is your health? There’s a hundred reasons to sell your business, and one may be that you’ve made good money and no longer want the hassle of being on call 24 hours a day. How will you sell? If you’re a franchise, will the franchisor help you or hurt you? It’s a question you should be asking up front.
If you think of how you plan to get out from the first day, you will make sure your business is always in the position to be sold. You may hold off on expansion if you know a buyer might consider it too risky. You may make sure you are always profitable instead of over spending.
Life changes constantly and you need to be prepared!