This is a must read if you share ownership in your business.
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The following case study is based on a true story. It highlights the importance of getting ready for exit years prior to the event, the value of an experienced team of advisors, and the benefits of working with the teamat NAVIX.
Download Advice That Yielded an Extra $4 Million to One Client Case Study (PDF)
Selling your business to an inside buyer is one of four possible exit strategies for a happy and successful exit. (Review all four exit strategies, to determine which one is right for you.) Being an "Innie," as we call owners with this strategy, can be deeply rewarding. Long-term, valued employees become like extended family to many owners. To see the business continue forward under the leadership you selected and groomed, acknowledges all your efforts and extends the business legacy. Rewards can include the financial realm-your employees may be the best, and in some cases the only, potential buyer. They know the business and would rather own it after you exit than go work for somebody else.
Selling your business to an outside buyer is one of four possible exit strategies. Review here all four exit strategies, and determine which one is right for you. Being an "Outie," as we call owners with this strategy, presents many rewards. Sale to a third party may create financial freedom, validate your years of hard work and sacrifice, and launch a legacy as the business continues forward because of your efforts and accomplishments.
Passing your business down to a member of your family is one of four possible exit strategies. (Click here to review all four exit strategies and to determine which one is right for you). Being a "Passer," as we call owners with this strategy, involves a unique set of issues, such as making sure the successor children are ready to run the business by the time you want to leave. Also, Passers with some children working in the business and some who are not must figure out how to create a business exit that is fair to all of their children, without splitting up the business in an unworkable manner. Woven into these issues are family dynamics, relationships, and realities which can undermine the owner's successful business exit.
