Are you a business looking to retire in the next five years or less? Are you wanting to transition a family business to the next generation? If so, did you know that it takes two to three years to prepare a business for an ownership transition?
MSCR can assist you with business succession coaching. It will be a confidential process meant to ensure your business will survive with a new owner rather than closing the doors permanently.
MSI has a great 30-minute YouTube video covering the basics of business succession. This is just a starting point to get you thinking about the process. Here is the link: https://www.youtube.com/watch?v=ncgPCJOjnh0
Some good take-aways from the video include:
- Plan for your exit.Give yourself two to three years preparation to ensure that your business looks and sounds its best to buyers. Once a business is “on the market” it may take six to twelve months to find a buyer.
- Get your books in order.
- Think about the “curb appeal” of your business.
- Determine what you are selling.
- Know what your business is worth.
Click here for more information to get you thinking about the future. If you are interested in more information, contact MSCR ([email protected]; 712-999-4769).