You've Built Your Business; Now WHAT?

I just got back from meeting my mentor last week and this time around i had the chance to learn something about exit plans.

Now what is an exit plan? Its basically how would you want to wind up your business.

For years; people think that business are meant to be there forever.
Its like something that is going to be there to be passed on from generation to generation.
But the truth is; there are may other ways one can exit their business.

One of the common ways is of course:

Business from Generation to Generation

what it means is you build a business with a hope that your kids will take over your business one day. If you wanted to do this you will have to expose your kids to your business as fast as possible. Probably make them work in your business when they are 12 so that when the time comes; the transition for them to take over would be much smoother.

The second way would be:

to liquidate your business

.
this is something one would do if the business is only something that will be 'big' now only. Its more like a business that is a fad and so most of the owner would sell everything (the assets etc) to enjoy 'retirement' at the end of the day.

you could also:

Merge.

Merging means that you merge with another company that probably serves the same marketplace. When you merge; you kind of like have a 'bigger' coverage so you have a bigger market share. Example if you were selling something that is for eczema patients. Maybe a soap; you could merge with someone who sells serum or other skincare. Or you could even merge with baby shop if you are targeting babies with eczema.

Sell.

Another way to exit your business would be to sell the business. You can grow your business so huge; have good branding etc, increase the value of the business; and finally sell to a bigger company if you wanted to.

there is of course many other ways to exit your business.
To know more about this; i suggest you join our Entrepreuner Coaching group as i have explained it in FB Live video. Its completely free to join so you can click here.

To know more;click here.

Thanks for reading;
Nisha