If global events are making you feel uncertain about the future of your business, then the likelihood is 2017 may well be equally enthralling and tricky to predict.
In these circumstances, it is absolutely essential to create some certainty for your business. For all businesses we work with we always ask the owners these 3 questions:
- How long do you envisage doing what you are doing?
- Have you thought through how you will move to the next phase?
- Have you planned or identified what steps you need to take to make this happen?
It won’t surprise you that at South West Growth Service we have seen an increase in the number of enquiries from business owners seeking confidential discussions about what their exit might look like for them and their business. There are bound to be multiple and (very individual) reasons for this but many are simply looking to focus on what they can control.
So plan for PreExit
We’ve done a lot of thinking around what “readiness” means in terms of being prepared BEFORE inadvertently leaping into any exit negotiations, however they might look. In doing this, we have developed and tested a three phase process to help businesses be in the right shape when the starting bell rings. The three phase process is as follows:
- Phase 1. Articulating the vision and agreeing the options. Much of this phase involves helping the client understand the choices involved and matching the possibilities to their required aims.
- Phase 2. Detailed planning. Having scoped out all the areas that need attention, we work with all the key staff and advisers to assess the areas that require attention.
- Phase 3. Mobilisation. Once the point of exit is in sight, sometimes many months after Phase 2 has been completed, we move to the mobilisation phase, assembling, briefing and supporting the exit team, particularly helping the business owners and staff.
Preparation Enhances Value
We have found that collaboration with existing advisers (bank, solicitor and accountant) is mission critical to ensure a seamless move towards exit with minimal stress. The more work done in advance assists the client to maximise the value and keep costs at a sensible level. Be the issues finance, intellectual property, customer and supplier contracts, staffing, outstanding or potential liabilities, customer relationships, customer data, warranties and indemnities - there is a great deal to consider.
At SWGS we have all the experience required to help you with your PreExit planning so you can stay firmly in control.
To find out more about how we’re helping businesses to take back control and plan for their future, please contact Andrew Southall at firstname.lastname@example.org