Are you a business owner considering an exit strategy for your business? While you’re probably used to setting goals for your business, have you thought about setting goals for yourself after you exit? Planning for your post-exit life is crucial, and it’s important to give yourself plenty of time to do so.
Though an exit is not just about you. As a business owner, you’ve likely poured your heart and soul into building your company. It’s understandable that you might feel indispensable to the business, but it’s important to have a plan in place to ensure the company’s continued success without you.
Exiting your business is not the end of your entrepreneurial drive, but rather the completion of another chapter. You may see the business as your legacy and consider how you want to maintain an interest in it, whether it’s through a minor shareholding, directorship, or advisory role. In addition, to undertaking other roles outside of the current business.
When preparing for post-exit life, you’ll need to consider your financial needs and how you’ll spend your newfound time. You may also need to factor in the non-cash benefits you receive from your company, such as health insurance and travel allowances.
Bringing in a specialist to calculate the value of your company is recommended, as it will provide a structured perspective for negotiations. Kindly keep in mind that the exit process can be a long and challenging one, but necessary for the next stage of your and your company’s development.
Don’t let the idea of exiting your business overwhelm you. With careful planning and consideration, you can ensure a successful exit that sets you up for the next stage of your life.
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Feel free to contact Idisav to discuss your exit strategy.
idisav’s founder, Thomas J. Cremona, a qualified accountant and endurance athlete, has undertaken the exit process from an entrepreneur’s perspective with a company he had founded and successfully exited.
+356 9983 7454 | www.idisav.com | thomas@idisav.com
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