Timing and careful preparation are essential when planning to exit your business. How you direct the transition and when you decide to do so will have a big impact on your employees, clients and yourself. This will also affect the value you are able to extract from what you’ve spent so long building. So, when is the perfect time to transition out of your business? Tom will answer this question in today’s episode and explain why, like so many things in life, it depends on who you are, how you’ve prepared your business and more.
Listen in as Tom shares how to determine when you are mentally ready to step away from your business and why it is important to know specifically how you will spend your time once you retire. You will learn why your business should not be dependent on you to run effectively, how to get maximum value when you sell and why you should only focus on the things that you can control.
Listen to the full episode:
What You’ll Learn:
- When the right time to exit your business is.
- The 3 perspectives on timing to consider when planning your business exit.
- How to determine if you are mentally ready to step away from your business.
- The importance of knowing how you will spend your time when you retire.
- Why it is important to keep tabs on your health to ensure a smooth business exit.
- How to know if your business itself is primed to be sold.
- What has been working when it comes to a successful business exit.
Ideas Worth Sharing:
- “Preparing for a transition and selling your business takes a lot of planning and time to get to the finish line.” - Tom Poltersdorf
- “Talk with your spouse and your family because the decision to sell will impact everyone in some way, shape or form.” - Tom Poltersdorf
- “The best time to sell a business is when you have no need to do so.” - Tom Poltersdorf
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