MARKET FACTS
When it comes to marketing, many business sadly sees related cost as expenses instead of investment. As a result, they either dramatically cut back, revert to age old worn-out methods and processes just like their competitors or stops marketing altogether in their cost reduction quest.
Hence it can't be surprising that many business finds it difficult today, to both survive and thrive in a crowded marketplace.
MARKETING TIP
“You can't do today's job with yesterday's methods and still be in business tomorrow” Peter Drucker.
Great sales and marketing can make all of the difference!
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BENEFITS TO YOU
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FREE RESOURCES
We regularly post business reports on this site. With compliments, navigate through the list below.
Please if any question do come to mind after reading them, feel free to contact us.
Why Should You Plan an Exit Strategy When Still Developing Your Business?
By planning exit strategy you are able to ensure the continuity of succession and success of your business. Even when you are starting a business it is vital to have a suitable planned exit strategy in place, enabling you to market your company to those looking to buy and to invest. Starting with the end in mind allows you to maximise your company’s valuation.
When planning a long term business development, it is utmost important to have exit strategies and succession or continuity planning in place. Whilst most entrepreneurs focus on achieving business success, and aim to develop their company and grow their sales, they should never forget that it is not enough simply to develop a business that brings them wealth.
One of the most important aspects is planning how to release that wealth by ensuring that there is always a way to take that money out of the company – i.e. a clear exit strategy. That is why having an exit strategy or a succession plan is as important when you start your business, as it is when it comes time to either sell your business, franchise it, or, in the case of a family business, pass it on to the next generation.
Unfortunately an exit strategy is often never considered until the business owner decides it’s time to retire or move on. At that point it is often too late to implement a properly planned exit strategy and disposing of the business can become something of a scramble, which often results in significant value being lost.
Selling the business is the Number One Planned Exit Strategy for most business owners.
Who would you sell your business to?
One option is to sell the company to a buyer who is already involved with the organisation at some level, perhaps in the development or management process.
Those in charge of strategic management, planning and development – typically the management team – are likely to be well placed to see how to further grow sales, develop the company, put in place successful systems and strategies. The aim of management teams in taking over the running and development of the company is to build on what they can see works well already and to explore new ways of improving what is not performing so well. One example is the acquisition of the fashion chain New Look by its founder Tom Singh, funded by private equity – an exit strategy based on a management buyout.
If an organisation is growing its customer base, then those who are loyal to the company or the brand and helping to increase sales – the customers – might well be loyal enough to want to buy the brand themselves. In the 1970s, the legendary Victor Kiam famously liked Remington Razors so much that “he bought the company”. Others who pursued the same path are Tony and Ridley Scott, two successful film-making brothers who decided to buy into the company that employed them and acquired Shepperton Studios (now part of the Pinewood Group). Chris Evans, a presenter on Virgin Radio, bought the entire broadcasting operation from his employers and in turn sold the company on, making millions in the process.
Selling a business to your customers, suppliers or associates is a definite endorsement that many of the tools and techniques you’ve been using are popular and will enable the organisation to thrive in the future.
Those in charge of strategic management, planning and development – typically the management team – are likely to be well placed to see how to further grow sales, develop the company, put in place successful systems and strategies. The aim of management teams in taking over the running and development of the company is to build on what they can see works well already and to explore new ways of improving what is not performing so well. One example is the acquisition of the fashion chain New Look by its founder Tom Singh, funded by private equity – an exit strategy based on a management buyout.
If an organisation is growing its customer base, then those who are loyal to the company or the brand and helping to increase sales – the customers – might well be loyal enough to want to buy the brand themselves. In the 1970s, the legendary Victor Kiam famously liked Remington Razors so much that “he bought the company”. Others who pursued the same path are Tony and Ridley Scott, two successful film-making brothers who decided to buy into the company that employed them and acquired Shepperton Studios (now part of the Pinewood Group). Chris Evans, a presenter on Virgin Radio, bought the entire broadcasting operation from his employers and in turn sold the company on, making millions in the process.
Selling a business to your customers, suppliers or associates is a definite endorsement that many of the tools and techniques you’ve been using are popular and will enable the organisation to thrive in the future.
By planning your exit strategy you can ensure continuity of succession and business success. Even when you are starting a business it is vital to have a suitable planned exit strategy in place, enabling you to market your company to those looking to buy and to invest.
Whether you have a particular schedule or you are selling a business for reasons you can’t predict, you should always prepare for the potential to sell a company by ensuring that you manage your business to maximise its value at all times.
With the right exit strategy in place, it is possible to successfully sell a business, franchise a business or find a new structure to buy into a business. The key is to start with the end in mind.
