Preparing to Sell Your Business
Planning for a Successful Outcome
The best experiences in life are well planned and researched to ensure that nothing is forgotten, that every possible outcome is considered and planned for.
The same principle applies when you begin to think about how best to exit your business, whether that is for retirement or to enable you to begin a new and different phase of your life. A bit like Brexit, a practice exit can mean many things; it does not necessarily mean an outright immediate sale or severance.
And just like Brexit, everyone has an opinion; friends, colleagues, accountant and recruitment consultants will offer you theirs, but as you already know, a little knowledge can be very dangerous and can lead you down the road to heartache. Your exit strategy is one of the biggest decisions you will ever make.
It is not something that you want to leave to chance or base on an anecdotal story or hunch. You need genuine current full market knowledge from a specialist authority who you can trust to help you navigate the path that is right for you.
Confidentiality is Crucial
Putting feelers out is a very dangerous game in the UK and Irish optical markets where loose talk travels like wildfire and can be very damaging. Get informed about who you can genuinely trust, before you decide to canvass opinion on how to plan.
Preparing to sell one or more practices and contemplating a move towards retirement can be a difficult and emotional idea to come to terms with.
Unfortunately, all too often it takes a specific negative catalyst to bring about the required commitment to action, which can then lead to rushed, and sometimes subsequently regretted, decisions. The key is to plan well in advance and to make sure that you do get the best possible advice. Picking the wrong route to market or a sub-optimal exit strategy can be extremely costly.
Use a Tried and Tested Method
Our Exit360 Pathfinder service allows you to get all your ‘ducks in a row’ to give you a fully informed viewpoint from which to make the most crucial of decisions. We examine whether your current operating model factors in a sudden unexpected change in personal circumstances.
We work with a variety of practices. For larger, optimised, highly profitable practices it is vital to put the right strategy in place to ensure an optimal overall yield and not to cede control too early, whilst identifying and locking in key men.
For smaller, less profitable or underperforming practices, we identify areas where value can be easily added and work with owners to implement the required changes, so that the business is a stronger proposition when it is eventually offered to market.
For multi branch operations, the individual branch components may sometimes be worth more than the sum of the whole. Better understanding of an operation will help to choose the correct strategy to allow you to plan exit in an optimal way, whilst keeping staff stability.
Winding Down for Retirement
Winding down towards retirement can be a great idea in principle, but the effect on the value of your practice needs very carefully consideration. Indeed, there are numerous possible scenarios for you which we will help you review to help you decide on the strategy that is right for you.
Don’t leave this most crucial of decisions to chance and don’t leave the planning too late and miss the boat. A little investment now is likely to pay significant dividends in the ultimate outcome and to your ownership experience during the remaining period of ownership. If you are thinking about a change of the level of your direct involvement in your business.