Business Owners - Shining a light on why ‘I plan to sell in 5 years’ time’ often means never getting there!
Travelling around the Oxfordshire business community, there is a received wisdom that frequently when people say ‘I plan to sell the company in 5 years’ time’ the five years never seems to get any shorter.
Whether this received wisdom is accurate or not, it’s certainly true that not all companies grow at a strong rate and there are many business owners who seem to be struggling with lack of resource and not a clear way forward.
Maybe this is because they are not able to find time to take steps within the business to bring that date any closer. It could be that they are unsure of their options. Or maybe they have deeper aspirations which they are not easily able to voice to just anyone? Questions such as:
‘How do I earn more out of the business today?’ ‘What’s going to happen next?’’, ‘What is my business worth?’ ‘Will my son/daughter take over from me?’ ‘How do I spend fewer hours in the office?’
The truth is that it is sometimes difficult to know who to trust with these questions. Many owners turn to their trusted financial advisors – and this is a good place to start.
However, to get a fully rounded understanding of your options you are better off speaking with a business broker who has been through this process with many clients.
The right business brokers will offer:
- a confidential sounding board
- a fair report on all your options
- a current view on what the market looks like
- a valuation of your company including intangible assets advise on where potential buyers are likely to come from
- advise on what potential buyers will look for
- clarification on what steps you need to take to ensure your business works to meet your personal objectives.
To stop ‘the next 5 years’ becoming an unreachable goal there are three steps:
- Awareness of ALL the options available to you as an owner
- Picking the option which best meets YOUR personal objectives
- Creating and working through a plan which meets your objectives
The good news is that by taking steps today you benefit from a smoother running and more profitable business.
The even better news is that you will also be better positioned to deal with unexpected events, including the happy opportunity that may come along.
One such good business broker company in Oxfordshire is my client, Isis Brokers. I have had personal experience of how they work, and their fair, realistic and tailored approach has helped 100’s of owners.
They are providing a free workshop to pass on their experience and clarify the options available to business owners. They have also teamed up with Alan Verrinder of Action Coach and a panel of four respected professional services experts (Jim Heppell from NatWest, Tony Hobbs of Chapman Robinson & Moore, Adam Herbert of Herbert & Webster and David Engwell of Hedges Law) to answer questions. It’s rare to get so many professionals in one room all giving advice for free!
It’s on Wednesday 29th April, 9:00am – 11.30am at the Kassam Stadium Conference Centre, Grenoble Road, Oxford, OX4 4XP
To book, simply email their Senior Broker Dominic at firstname.lastname@example.org (by Monday 27th April.) Or you can drop me a message and I’ll pass on your details.
Attendees will also qualify for a free (one hour) meeting to provide personalised advice and initial actions with both speakers.
Take advantage of the opportunity to clarify what the next 5 years could look like. If you’d like any further details – just contact me!