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Every business owner eventually makes the transition and parts with their company. In an ideal world a well crafted plan will exist to ensure maximum value when that time comes. This need not be just about selling. It could be tax efficiency to get the money out when you stop trading, or ensuring best value for equity release or succession management. Either way, without a well-prepared strategy, your business might not have the value you expected, leaving you and your family unable to realize the rewards of your years of hard work and sacrifice.
It is crucial that business owners contemplate the “parting of ways” or ‘transition’ as soon as they can. The timing of when you want, or need, a transition is uncertain, but undoubtedly you will have poured your heart and soul into your business. Whether your business is a mature startup, a thriving enterprise, or you are ready to wind down, the next chapter must be written and Incynergy will work with with you to get the most out of it.
As your business continues to expand and evolve, so too do your goals, objectives, priorities, and strategies. This is precisely why having a good understanding of where you are in the cycle helps you keep on track.
Stage 1: The Idea
Stage 2: Start-up
Stage 3: Grow/survival
Stage 4: Expansion
Stage 5: Maturity / realization
Not all businesses follow the same lifecycle stages, and some may skip stages altogether. However, understanding these stages can help you anticipate what’s next and prepare for success. Making the right decisions at each stage requires a blend of instinct and practical business sense.
It really is not surprising that the drivers used to increase business value are also the things a business has in place to leverage and organize themselves; well before a transition appears on the horizon!