It’s never too early to think about exiting your business: that’s the advice from Mentored CEO Craig West.
West, who is also the Managing Director of exit strategy advisory company, Succession Plus, says there are many things to consider when trying to leave a business you’ve established.
“One of the things you need to think about is what are you actually trying to achieve when you’re exiting your business?” Craig said.
‘Is it about retiring and paying the business onto your children? Is it about selling it so have a lot of capital to retire? Is it about creating a legacy for your suppliers and customers?”
The leading piece of advice is to start thinking about these possibilities well before you get ready to actually make an exit - which can be more difficult than it sounds.
“I always tell people to start as early as possible, you can never start too early but you can definitely start too late,” Craig said.
“Unfortunately succession and exit planning are things that people like to leave.”
“You actually need to do some work to make sure you get the best possible result and the best way to do that is to start early.”