Stuck in a Rut or Just Want a Change?
Now is the perfect time to start thinking about an exit strategy
When I last wrote about Exit Strategies, I advised that “now may not be the greatest time to be looking to sell your business.” Well the business environment has changed and there is now a glut of cashed-up people looking to buy businesses and like the housing market a distinct shortage of businesses available for sale.
I recently had a coffee with a Business Broker from one of the larger and well known Business Broker company’s and he advised that the market was desperately short of businesses for sale to meet the demand of both cashed-up returnees to New Zealand and cashed-up ex-employees who had been paid out on historic redundancy agreements.
What does this mean for you?
- If you, like a lot of business owners, are having to put a lot more time and effort into running your business just to achieve the same or smaller returns than you did preCovid-19, or
- You are thinking of retiring, or
- You are tired, have had enough of lockdowns and like a lot of us are fed-up with the current situation including the possibility of another lockdown looming in the near future, or
- then read on…
Now may be a perfect to think about what you want to do with your business.
With the large number of buyers in the market, there is obviously no rush to make an immediate decision and many of you will not make up your minds on what you want to do until after your Christmas / New Year break. But bear in mind the biggest single time in the year for owners to decide to sell their businesses and for employees to change jobs is after the Christmas / New Year break.
To obtain the best possible price for your business it needs to be groomed to ensure all processes are up to date and it is simple to manage. This is not a simple task, as it means reducing the business’s dependence on the owner, with a view to complete exit. In some cases, this may mean the owner having to work in the business either on a parttime or consultancy basis for a number of months after the sale.
Not surprisingly, Into The Blue NZ Limited has a registered service under this fund that allows businesses who are registered with the Regional Business Partner Network to obtain co-funding of up to $5,000 to cover up to 50% of Into The Blue’s fees for the first 6 months.
If you have questions about or are thinking about an exit strategy, contact me to talk about your options
For more information download the free Exit Strategy brochure.