Selling your business can be a major decision. When you have spent years or even decades building up your initial idea to a business of substance, value and further potential, it can be a real wrench when you finally decide to sell up.
In my last article I redefined the family business, highlighted some differences between family and non-family businesses, and explored some of the advantages and disadvantages of a family business. In the future, we’ll explore every imaginable facet of family business, from securing family commitment and participation to aligning vision, mission and values, from determining family job roles to exploring leadership, management, and governance.
But, before we delve into those topics, I would like to introduce The DNA Model. I created the DNA Model as a means to ensure that all of the skills and aptitudes necessary to run a successful business are present and that they are intertwined and interwoven to ensure a strong, enduring business is built. The DNA Model is the model of success for any business, family-run or not, and is at the core of all thriving profitable businesses.
I have no intention of retiring. None whatsoever. Even though I have spotted a few grey hairs now (how come you never spot them unit they are fully grown – at full length?)
I’m not saying that because I’m worried about my pension fund or keeping a certain salary coming in to protect my lifestyle. Working and being active is my lifestyle.
I love working – there I’ve said it.
What's FEL I hear you ask? – It stands for Front End Loading, also called early project planning. It is an important stage in the development of major projects in capital intensive industries, for example the refining and petrochemicals.
No matter the size of your business one of the most pressing issues in longer term planning for business is succession planning.
Now the recession is over you may at last be wanting to exit your business and realising the Enterprise Value you have painstakingly built up over the years.
Here are ten key tips to preparing that road to maximising value on disposal, lovingly prepared by someone that has bought 23 businesses in 19 countries and has learnt from bitter experience.