Ask The Mentors

Do you have a question about







Exit Strategy?

How do i ensure that i'm making the right decisions and choices.

Hi Mark. I have made the decision and choice to run my own business. This has been a long term goal for me i finally have taken the plunge to do so and has been a very long road in doing so. i have been seeking advise from many of my personal friends and relations who are very successful. I have also been implementing many of changes before takeover this has been one of my ways of making my life easier in the long run. I currently work 70+ hours and have a 3 kids so more work once home. My question is based on the fact that i seem to outlaying a lot of expenses to make these changes but am currently not getting any return as take over is not until the first of February. Or am i better off waiting until takeover to implement the changes i have forecasted changes in my start up cost and allowed for them i have also completed a 12month cash flow forecast which is a profitable so when i refer back to that i think i am making the right choices which was completed using the the current profit and loss statements from the past two years which was profitable. I have also allowed and allocated for this in my business plan. is just very daunting at the moment as take over is nearly here and have lots and lots to still complete before the takeover date.

1 Answer

Hi Rhys Sounds like you have a lot on your plate. A family and a new adventure. To know if you are making the right decisions comes with research of similar trading businesses like yours to see what they do and if they do it well in areas such as marketing and customer service. Other things to consider are, assuming you are buying a business, is how is it working now and is it profitable? Does it have processes and procedures written down to follow making it an easy transition for you coming in? Or is this a new business? Also what industry may assist me in helping you a little further understanding what you are facing at the moment as your biggest challenges or fears. I am an Accredited Mentor and happy to help. Kelly at Business Simplicity.

Sign In to answer