Navix Exit Strategy Checklist – Selling to an Outside Buyer
8.04.2015
Every business owner will exit from the business, one way or another. In fact, there are four potential strategies to exit from a privately owned business. Identifying which strategy is yours creates a clear path to plan and execute a successful exit. The four possible business exit strategies are:
1. Pass to Family
2. Sell to Outside Third Parties
3. Sell to Inside Key Employees
4. Planned Liquidation
If your strategy is to sell your business to an outside buyer, in our terminology we call that being an “Outie.” Being an Outie presents may rewards. Sale to a third party may create financial freedom, validate your years of hard work and sacrifice, and launch a legacy as the business continues forward because of your efforts and accomplishment. Selling a business for top dollar, with minimal taxes, while fulfilling your business legacy, takes hard work and preparation. Owners cannot afford to be surprised late in the game and realize they are failing short of meeting the conditions required to successfully exit via sale.
In our experience, there are four absolutely essential conditions that Outies must meet in order to achieve a happy exit. Review the checklist below to evaluate how prepared you are, and to identify actions that will help you achieve a successful exit.
Click this link to open the checklist:
Tim is a Consultant to Business, Government and Not-for-Profits Organizations specializing in innovative and challenging ways for organizations to survive, to thrive and to build their teams.
