How to prepare your business for exit

So, you’ve built a successful business that is turning a profit. Well, What’s next?

This is where an exit strategy comes into play. An exit strategy ensures the business your leaving is going to keep on growing in your absence. A business exit can come in many different forms; you may be handing it over to a new owner such as a family member. You may want to sell the business on and take an early retirement or even continue to receive passive income and take on a new challenge.

Whatever you plan to do you need to make sure your business is in the best shape for you to step away. Here we have the 6 best tips to prepare your business for exit.

Create the business that gives you the life you’ve always dreamed of…

AC-cards-600px-400px-Set-your-objectives

Set your objectives

It’s important when you begin to think about an exit, what you want to achieve. You’ve spent years building and growing this business and you want to make sure this next step is the right one. Each exit will be slightly different and allow you to do different things but making sure it’s the right move for you shouldn’t be something taken lightly.

This is the next phase of your career, and you need to make sure it’s right.

AC-cards-600px-400px-Dont-rush

Don’t rush

Ensure plenty of time to get your business in check before you look to exit. If you rush and leave before the business is ready, then the business won’t be successful, and you will find yourself having to come back.

An exit strategy can take anywhere from 6 months to 2 years, you will have to evaluate the right length of time for you. Factors on this could be the shape of your business or when you want to move on. The key part is to make sure when you do leave that the business is prepared for your exit and can continue to be profitable for many years to come.

AC-cards-600px-400px-Made-yourself-redundant

Made yourself redundant

Chances are if you built your business from the ground up, you are an essential part of its growth and profitability. Slowly drawing back your involvement and allowing new management to take over with your guidance, whether that be through promotion or recruitment. This ensures when you do fully step back the business is no worse off and can still turn a profit and has future growth potential.

AC-cards-600px-400px-Up-to-date-accounts

Up to date accounts

If you are looking to sell, then it’s vital to make sure your accounts are in order and up to date. Any serious buyer will want to look at your accounts and will help you give an honest and fair valuation.

AC-cards-600px-400px-Create-systems-and-processes

Create systems and processes

With an exit on your mind, it’s likely new people will be coming into the business, whether through recruitment or sale. Create a “manual” for the business and imagine a stranger was going to come in and run your business and all you had to give them was this manual. This should be done for all tasks at all levels, this will help the business run smoother and spot any potential errors before they arise.

AC-cards-600px-400px-Handover-to-new-management

Handover to new management

As stated above no matter what your exit strategy is, it’s likely someone new will be taking over your role and fulfilling the duties you held. Introduce the new management to your employees and key clients. Informing your team about the transition will help it run smoother and make sure you are around to answer any questions or concerns. Try and be open and honest, this will be a tremendous change for your team.

You may have been pivotal in winning a large client and it’s important for you to be the one to introduce the new management, give them your seal of approval and begin to build that trust between the new management. You can oversee the transitional process and make sure the business is ready for your exit.

In summary

Exiting the business can take a bit longer than you expected, but it’s vital that the necessary people and processes are in place for the business to thrive in your absence. You can then turn your focus to your chosen next phase, whether you plan to use your passive income to invest, live your life on the beach in the Caribbean or take on a new business. You’ve done it before why not do it again?

If you would like to discuss your exit strategy and how to make sure your business is ready for your exit, then book a free coaching session with one of our Business Growth Specialists and see how to maximize your business exit.

If you would like to discuss your business plan and make sure you are set up for success, book a FREE coaching session with one of our certified Business Growth Specialists and discover how to unlock your full business potential.

Speak with an advisor

You might also be interested in:

Coaching

How does business coaching work?

Business Coaching can help owners, leaders, and senior executives to set better goals, reach their goals faster, make better decisions and improve ...

Learn more

Help me with

How to prepare your business for exit

This is where an exit strategy comes into play. An exit strategy ensures the business your leaving is going to keep on growing in your absence. A ...

Learn more

Help me with

How to build a high performing team

A high-performance team is a group of highly skilled people who focus on achieving a common business goal. The team strive for excellence and have ...

Learn more

Help me with

How to sell my business for a substantial profit

You’ve likely spent your life building your business. You’ve spent countless hours in the evenings and weekends working, missed family time and not ...

Learn more

Coaching

Is business coaching right for me?

There's no doubt that a good business coach will help keep you focused and on track to achieving your goals. They will help transform your ...

Learn more

Coaching

What is business coaching?

Business coaching has many different facets and styles. Whatever the structure or style of your programme, your business coach will guide you through ...

Learn more

Help me with

How to increase personal productivity

When working with local businesses through growth or scale-up; one of the key areas where owners and leaders need the most help is 'How to Maximise ...

Learn more

Coaching

Should I hire a business coach?

Business owners who want to scale their companies, increase their profits and have more personal choice often hire a business coach to help them get ...

Learn more

Coaching

What are the benefits of hiring a business coach?

Hiring a business coach will change how you think, work, and act. A world-class business coach will help you achieve your goals faster and by ...

Learn more

Help me with

How to write a business plan

A business plan is a document that outlines the key aims and goals of the business and how you’re going to achieve these. Outlining the marketing ...

Learn more

Help me with

How to create a passive income from my business

Along with selling your business for a substantial profit, earning a passive income from your business is the holy grail that most entrepreneurs are ...

Learn more

Help me with

How to generate more leads

It is the eternal question when it comes to sales excellence. Business leaders are constantly searching for new ways to grow their business by ...

Learn more

Coaching

How much does business coaching cost?

The simple answer is 'that depends.' Before we explore the options, it is important to recognise that business coaching should be viewed as an ...

Learn more

Help me with

How to improve sales conversions

So, you’ve devised an excellent lead-generation strategy and got your team working on it. The crucial question is: are your efforts paying off in ...

Learn more

Help me with

How to master my business finances

Finance and accounting are not the 'dark arts' that many business owners, leaders and entrepreneurs often consider them to be. Rather, they are the ...

Learn more

Real people, real results

See how business leaders just like you have partnered with ActionCOACH NextLEVEL and used our proven tools, systems, and frameworks to achieve dramatic, sustainable personal and business growth.

Since working with Action Coach, Jo Maltby of Willow Brooke Day Nursery has seen gross profits increase from 750K to 1.1M! With the help of tools and strategies from ActionCOACH she has been able to hire 29 new team members and significantly reduce her working hours to prioritise family time.

Jo Maltby, Managing Director, Willow Brooke Day Nursery

James Harper of Walton Flooring got in touch with ActionCOACH and started seeing results with his team within 2 months. Walton Flooring has now doubled the size of its team and seen a profit increase of over £80,000! 

The company has been shortlisted for 2 national awards and James is able to do the school run and spend more time with his daughters - "If I didn't have my ActionCOACH I don't think I'd be here today"

James Harper, Business Owner, Walton Flooring Centre

I've learned to run a successful business rather than have a job or be an employee of my own business. I actually run the business and that staff members have noticed the difference. - Joanne Ferguson, Managing Director of CS Cleaning.

Joanne Ferguson, Managing Director, CS Cleaning

Business Owner, Stuart Everard was asked what he wanted to achieve from his business in the next years. Stuart replied, a Boxer dog, paddock for his wife and a Maserati. Working closely with his local Action Coach, Stuart had achieved all three personal goals within 5 years.

Stuart Everard, Managing Director, Everquip Garage Euipment

We want to be £2M+ business in the next five years. Most Business Owners have that excitement, they have their goal but it's difficult to see it. When you start coaching you get to see it, it starts to become clearer and therefore you believe it's more attainable. We're solicitors, we were never trained to run a business. A business coach is a fantastic asset, it pays for itself, supports itself, brings in much much more than just the coaching to your business. - Bill Barton, Managing Director of Barton Legal.

Bill Barton, Managing Director, Barton Legal

The most valuable thing I got from working with ActionCOACH is I am now a business owner, whereas I wasn't before. I was just running a business. Fiona Bates, managing director of The Printers.

Fiona Bates, Managing Director, The Printers

01 / 06
02 / 06
03 / 06
04 / 06
05 / 06
06 / 06

How to get started with ActionCOACH NextLEVEL

Group 62238

FREE business valuation

Discover how your business scores against the 8x ValueBuilder factors of “sellability” that drive the value of your business.

Discover now
Group 62483

FREE coaching session

Book a complimentary business growth discussion with one of our award- winning, certified business coaches.

Book now
Group 62246 (1)-1

FREE business scorecard

Understand your current business performance and discover how to increase productivity and effectiveness in your life and business.

Experience now