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Plan For Your Future: Build a Business Exit Strategy

Entrepreneurs extensively plan for building a new business. However, quite often, little to no effort is put into the planning of one’s exit from a business.

it exit strategy planning Source: BNPparibas

Many entrepreneurs don’t start planning until it is too late, resulting in the failure to achieve both personal and business goals. Failure to prepare a thorough exit plan may even lead to an inability to sustain one’s lifestyle after the exit, or may negatively affect the company’s performance.

It is therefore of utmost importance to plan your exit strategy years before your planned date to leave.

What is Exit Planning?

Exit planning is the process of strategizing the exit of a privately held company. Exit planning covers the business owner’s goals and objectives in terms of company value, employees and market position, as well as personal aspects such as family and the community.

These factors are then combined to identify an action plan that will help the entrepreneur to achieve his or her goals, in business and in personal life, through exiting a business.

Why Do You Need an Exit Strategy?

Exit planning is not limited to business owners who are ready to step down and retire. It is recommended to have an exit strategy in place years before your planned date of exit to maximize the possibility of attaining all your goals.

These are some of the most common reasons that lead entrepreneurs and business owners to set up an exit planning strategy.

  • New Beginnings
    Once an established business is up and running routinely, many entrepreneurs choose to leave their position as head of the company to start a new business.
  • Planning for disaster
    Natural, social, and financial disasters can significantly impact business operations and may lead your business to shut down or to change in ownership.
  • Ensure tax compliant
    In order to leverage opportunities, a business owner should start planning its exit strategy years in advance to leverage tax reduction opportunities.
  • Optimize cash flow
    Similar to leveraging tax opportunities, a business owner can maximize cash flow post-exit by careful and timely exit planning.

FREE Download: IT Exit Strategy in 10 Steps

Our 10 step checklist provides you with valuable step-by-step guidance from preparing tax and financial information to key relationships and contracts.

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Exit Strategy goals

Set Exit Strategy Goals

First Step to IT Exit Planning

The first step in planning an exit strategy is being clear on what your goals are, both for yourself and your business.

All of the different exit strategies available have their pros and cons. Some options allow you to retain a financial stake or various levels of involvement in the business, either in an advisory or day-to-day role. Some give your company a better chance of surviving in its original form, while others may see it broken up.

So ask yourself what’s important to you:

  • Do you want to stay involved in the business or have a clean break?
  • Do you want to retain some control over its future direction, or do you want to give the new owners free rein?
  • Is it more important for you to maximize your financial gain or to leave the company in good hands?

These are big questions, so try to spend some time thinking about them—this is not something you can squeeze into the odd half-hour between meetings. And your decision will probably affect other people too, so you may also want to consult your family members, your business partners or your staff before making a decision.

If you speak to staff members, of course, you’ll need to be sensitive about how you frame the issue, so that they don’t panic about their job security. But if you deal with it in the right way, it can be a great idea to involve them in the big decisions about the company’s future rather than keeping them in the dark.

Read full article: How to Plan a Successful Small Business Exit Strategy »

 

Sell your business with IT Exit Strategy

 

Sell your business with IT Exit Strategy and save money

Sell Your Business and Save Money

Selling a business privately is a booming trend around the world and in today’s economy, it’s not as difficult as one might think.

If you are an IT Small Business located in Maryland, DC, or Virginia – there is a buyer waiting for a business for sale like yours.

ITExitStrategy offers confidential, high quality, targeted potential buyers, giving you the best possible chance of a fast, successful business sale.

Why pay a business broker thousands of dollars in upfront advertising fees and up to 15% of the sale price? That is far too expensive for a small business owner.

Listing your business privately with us will give you the best chance of connecting with a buyer in the quickest and most affordable manner.

At the end of the day, there is no better person to sell your business than you, the owner.

See How Much Money You Can Save When Selling Your Business With ITExitStrategy

Sell Your business exit strategy

10 Mistakes to Avoid When Selling Your Small Business

Proper planning can mean thousands of dollars in your pocket

Small business owners make drastic mistakes every day when they sell their small business and lose thousands of dollars in the process. All their hard work and long- term investment falls. These errors can often be easily prevented.

As entrepreneurs, they once dreamed of owning and successfully building their own business – then reap the benefits in the form of successful business sale. Sounds like a great plan! But, making the sale is not as easy as it may appear.

Learn 10 tips to help you avoid business sale pitfalls, disappointment and lost money.

 

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Sell your business with IT Exit Strategy