Do you have a destination plan?
Sophie Said – Director and Transport & Logistics Specialist
“If business owners are planning to exit the business in the next few years, it is wise to plan ahead. In doing so, they can be confident that they will be able to realise value when the time comes and if appropriate, they will be able to pass the business on to the next generation.”
A guide to maximising the value of your business on exit
Leading a company to a successful exit requires business owners to build a solid foundation. In our experience, those businesses that perform best are those that have a clear vision and a supporting strategy which enables them to implement a well-planned route, with clear directions to keep them on track and avoid any delays.
It may not always be easy to plan ahead especially when the road in front looks challenging. Additionally, not all SME business owners in the sector have the time or resources to think strategically and plan for the future. Having a vision and a strategy does not need to be time consuming. Often the best ones are clear and simple for everyone in the business to understand and be involved with. By having a vision and a plan and drawing on accurate business data to identify potential obstacles in their path, business owners will be able to lower risks, optimise value and attract potential buyers, en route to their destination of choice.
All too often we see SMEs selling for less than what they are worth. All it takes is a little forward thinking to maximise potential opportunities.
A step-by-step guide to destination planning
In order to put in place a robust destination plan, business owners must be prepared to challenge their own understanding of the organisation’s strengths and weaknesses, as well as any opportunities and threats that may lie ahead. How well do they understand the risks facing the business and how prepared is it to counter them? Is the financial control of the company as strong as it should be? Only by making these checks and challenging thinking across the business will it be possible to plan the way forward confidently, with its destination firmly in mind.