Wed, 29 July 2015
Have the Biggest Pay Day of Your Life with Kerry Boulton
Whether you need to voluntary leave a business or if something goes wrong and you have to leave, it is very important to have an exit strategy. Always begin with the end in mind. Over the years, Kerry Boulton has sold several businesses for millions of dollars. Also, she has mentored many business owners through successful business growth in order to position them for their ultimate sale. Leaving a business is about:
** Your family
** Other stakeholders
Boulton is the founder and CEO of the Exit Strategy Group, which helps business owners maximize business value so they can get out of the business – whether by liquidating assets, management buyouts, passing it down, or other ways.
When you intend to leave a business, consider the following:
** Who is going to be impacted?
** What do you plan to do after you leave?
** Who would buy the business? Who could be a potential buyer?
** Do due diligence to get your business ready to be sold.
** Make sure your business is attractable to potential buyers.
** Make sure your business stands out from the rest.
** Give yourself as much preparation time as possible to maximize the value of your business.
** Build a team to support your exit strategy (accountant, business coach, those who will be impacted, etc.)
Also, take a look at your business plan. Does it include an exit strategy? If not, then use Boulton’s tips and advice to implement one to get the most money you can when leaving a business. Plus, make sure you have contingency options because no business owners like a fire sale!
In this episode of Business Brain Food you will learn:
** Don’t jeopardize your business for $5
** Different ways to exit businesses
** Importance of including exit strategy in business plan
** Why business owners do not concern themselves with exit strategies
** Impact of baby boomers leaving businesses
** The importance of understanding the value of all assets
** Tips and traps of exit strategies
** Need for contingency plans
Resources mentioned in this episode:
** Traffic and Conversion Summit (http://trafficandconversionsummit.com/australia/)
** Trip Advisor (http://www.tripadvisor.com/)
** Facebook (www.facebook.com)
** Google (www.google.com)
** Business Brain Food Facebook Group (www.facebook.com/groups/businessbrainfood)
** Twitter (https://twitter.com/bfewtrell)
** Mayne Nickless (www.bmartin.cc)
** Exit Strategy Group (http://theexitstrategygroup.com.au/)
** Stephen Covey (https://www.stephencovey.com/)
** Amazon (www.amazon.com)
** Freight Management International
** Business Plans that Win $$$ (http://www.amazon.com/Business-Plans-That-Win-Enterprise/dp/0060913916)
** The Uncensored Truth About Exit Strategies (http://theexitstrategygroup.com.au/book-request/)
** LinkedIn (https://au.linkedin.com/in/kerryboulton)
** ActionCOACH (http://actioncoachanz.com/itunes)
** ActionCOACH (http://actioncoachanz.com/stitcher)
Are you ready to leave a business?
Then use the information provided in this episode to make it happen! Also, if you are enjoying these Business Brain Food podcasts, then make sure to share them via social media sites or email the links to family and friends. A lot of time and effort goes into producing each of these podcasts with the goal in mind of the more people we can inspire about business the better. You can help us do just that! Until next time, have a profitable day. Cheers, Ben Fewtrell (02) 9111 5000
Direct download: BBF063_Have_the_Biggest_Pay_Day_of_Your_Life_with_Kerry_Boultan.mp3
Category:general -- posted at: 12:00pm AEDT