I contribute a weekly blog post for a website called Noobpreneur that reaches and provides valuable information to entrepreneurs. New entrepreneurs or “newbies” are the focus. My current business activities focus on the buying and selling of businesses. Most /many “new” entrepreneurs are in the exploration, startup or newly started stage of their business venture.
Business Cycle – Start, Run and Sell
Where does selling a business enter into this paradigm? Everything seems to run in cycles. There is a start, a middle and an end. Much of the focus of a new entrepreneur is full of excitement and somewhat shorter term perspective of “starting, building, growing something.” Some entrepreneurs start a business with the specific goal of selling that business.
Some entrepreneurs goal is to buy a business with no goal of selling that business. But it is very easy to start a new venture without clearly outlining an end. Again most every business will have a start, something you may refer as to “the middle”, and an end. It is so much more desirable to sell your business when you plan to in lieu of being “forced” to sell your business.
The Importance Of Business Planning
Starting a business is an exciting time, and it takes a lot of work and effort to build a successful business. Afford yourself the time to consider your exit strategy. Too often one is “too busy running their business”, to fully consider where they are going. Planning to sell instead of “needing to sell” is so much more rewarding for the hard working entrepreneur.
You pick the time – Don’t let the time pick you. I know things may be looking good and everything is lined up, but what if General Motors 20 years ago targeted the sale of their business and provided all that value to their shareholders in lieu of the need for government assistance and bankruptcy?
Again, your business may be going gang busters, but I’m kind of thinking that if a Generals Motors can have an exit (or almost) exerted on them, maybe your exit of your business may not be what you planned on or didn’t plan on.