When the time comes to transition away from your business, know that there is more out there for you. It may be a new business or a new opportunity, but whatever the case, change is good. In this episode, you’ll learn the ins and outs of selling your company, what to consider when exiting, and how to make a game plan to leave.
“When you're exiting, I think having a game plan is important.”
You need to understand your exit goal. Maybe you just want to pay back your investors with the money from the sale. Perhaps you want to be acquired by another company, so your team has an excellent place to land. It’s essential to think about how you're going to exit and what the conditions are.
“Ideally, you have done your research on the market, and you have a sense of how your product would fit within the types of corporations that have enough resources to purchase you.”
Know what your company is worth. When you get an offer to buy, it’s a good idea to reach out to people in your industry who have done it so that you can get advice on whether the number they’re offering is solid. You must make a case for why your company has value to get that offer. What relationships and products are you offering them that are worth more than what they could build?
“You can build a damn thing…There is a way to do it, and there's a way to do it while still maintaining who you are that still maintains your morals and what you believe in.”
Leaving doesn’t have to mean completely abandoning what you’ve built. That’s why you need to have a structured plan for how you’re going to leave and how you think you can do so while maintaining your core values. This episode will teach you the basics of walking away with dignity and how to determine when it’s the right time to leave.
Guests
Heather Hiles: https://www.linkedin.com/in/heather-hiles/
Cheryl Contee: https://dobigthings.today/team-members/cheryl-contee/
Lisa Price: https://www.ibsnewyork.com/ibsnewyorkcom/lisa-price
Hafeezah Muhammad: https://www.linkedin.com/in/hafeezahmuhammad/
Laura Weidman Powers: https://www.linkedin.com/in/laurawp/
Sell The Damn Thing