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.