Pictured above: Jessica Starks
So much thought and consideration are placed on making a grand entrance.
It sets the energy and tone, signals the start of a celebration, and focuses attention on the person or area of honor.
However, perhaps too little detail is given to making the right exit.
For the past nine years, Jessica Starks of Transworld Business Advisors and Exit Factor in Lansing has been helping business owners make the right decisions when it comes to leaving their business. Here are her top tips:
Think about selling your business early
Starks recommended thinking about selling your business before you have any plans of actually doing so. Running a business with the knowledge you will eventually exit allows you to focus on creating an independent, profitable business that is attractive to buyers.
“The truth is, the top reasons business owners sell is out of their control,” said Starks. “It’s important for a business owner to work on the business versus in the business.”
Don’t let yourself be the sole source of information. Having a team of advisers helping you with the transition protects you from the unknown and allows you to focus on a successful exit.
Keep it confidential
If employees or customers find out about a business sale too early, it can create a level of uncertainty that may drive them away.
“Confidentiality is the absolute most crucial piece of this,” said Starks.
Business owners should know that buyers want your employees; they need them for a successful transition. Confidentiality ensures fear does not overshadow the sale and your employees stay confident in their employment.
Get a business assessment
“Most people do not know what their business is worth,” Starks said. “It’s really important to see it through a buyer’s lens, so you can maximize the value of your business.”
Even for business owners not looking to sell in the near future, getting a business assessment will help you identify your strengths and opportunities to maximize profitability — making the organization more valuable when it is time to sell.
Emily Walters
Emily Walters is the PR and content intern at M3 Group. She is currently a senior at Michigan State University studying public relations and writing. She is passionate about all things storytelling and board games. She resides in East Lansing.
