Mona Vale 15/09/11

Full house this morning – Jeremy we need a bigger table :)

Most of our exit strategies were vague at best.  Difficult topic as for many it seems so far off that it is not worth thinking about. However at some point we all must stop, even the businesses where we wind back to two days a week playing golf and relaxing the other three.

How do you get out?

Similarly to identifying the target customer, if you hope to sell your business you need to identify your buyer.  Is it a competitor, a distribution partner, a new entrant, a staff member or a family member.

Many business owners get a rude surprise when they turn around and try to sell their business – realising that there is nothing to sell or more importantly nothing that anyone else will buy.

Our risk discussion had a common theme – the biggest threat to all of the businesses is an injury / issue with the owner.  Not all risks can be eliminated or reduced, some just need to be accepted.

Author: Ty Wiggins

Converge Business runs 'education based business networks' for SME business owners across the country. These groups meet weekly lead by local Champions and work through business education resources to promote learning and relationships through robust discussion on business relevant topics. In addition we also offer business coaching services.

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1 Comment

  1. Really made me think when I was asked who was more replaceable? My business partner or myself? Sad to say it was me :( haha

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