Business ownership is a ‘journey’ in every sense. You need to map your route, follow the signs, and, most importantly of all, take the right exit.
N7’s Ivy Wroe has experienced all of the above during her career, and she was recently invited to share her story at an event in Spinningfields, Manchester.
Business Owners and Their Exit Stories, hosted by Kay Johnson Gee’s Corporate Finance Partner Steven Lindsay, saw four entrepreneurs take to the stage to discuss their exit plan. Here, we explore the key takeaways for any business owner considering their own exit strategy later down the line.
Marketing reigns supreme
In the current uncertain economic climate, businesses are hovering hesitantly over the marketing launch button. They’re terrified of signing off without knowing what the future holds. But, as the panel testified, taking action during turbulent times can actually put you in the driver’s seat.
The verdict was unanimous. Embrace the power of marketing now and you can reap the rewards later. Get your brand name out there whilst everyone else is sat waiting around.
Put all the pieces in place before you sell
We’ve spoken before about the importance of preparation in business exits. And every member of the panel emphasised that selling should be a slow-burner. Gradually put the pieces in place and only leave when you know the time is right.
Rushing an exit can lead to all kinds of issues both during and after a sale. You need to start working on a strategy, set some goals, and determine a perfect point in which to pass the business onto someone else.
It’s ok to be different
You can try to follow formulae and emulate a success story by mirroring the steps exactly, but no two businesses are ever the same. The climate is very different now to what it was even two years ago – so it’s ok to try new ideas.
Being different is a good thing in business. Taking a unique approach towards areas like marketing can separate you from the herd and put your brand in a strong position to earn the kind of healthy profit that makes a sale possible.
A stellar management team is key
A management team can make or break a business. These people are in charge of key decisions that take your business forwards – and they may also still be inheriting some responsibility when you begin to step back.
Building a trustworthy, committed and innovative management group will ensure steady improvement and long-term success – two vital ingredients required for a smooth exit.
Here at N7, we’re always looking for ways to guide business owners and provide the essential support they need to take the next step – whatever it might be. Get in touch with our experts for more information on what we can do to help.
We’re available now on 07730 251028 or mw@weareN7.com.