Every business owner should be considering how they can continue increasing revenue and margin to drive improved profit (Growing), so they can plan to exit and extract the wealth created (Going). The clearer the plan is on the second point, and the earlier in the life cycle of the growing phase that exit is identified, will have a direct and significant impact on the first. It will help drive the right thinking, behaviours, and decisions to ensure that when it comes time to exit the maximum value of wealth can be extracted from all the hard work put in!

In future articles we will drill into ways you can grow your business, so for now let’s start with the end in mind – why exit?

The research is clear – business owners who have a clear exit strategy are more likely to achieve long term value from their businesses, whether that be passing the business on to the next generation or selling when the time is right.

Why? Because there are a lot of factors at play. There are internal systems and processes to be considered, transfer of non-documented information, customer and supplier relationships to be transitioned, to name a few. The anticipated reactions of people around you – family and friends - can hold back decisions. You can also be your own worst enemy with indecision and fear of the unexpected being barriers.