For many business owners, their business represents a legacy: a legacy of decades of hard work, the efforts of their valued staff, and sometimes the history of a family company.
When, as a business owner, you decide to start planning your exit strategy, some fears are likely to surface around how you leave the business you have spent so many years carefully building without it losing its soul.
How to plan an exit strategy that feels right
Consider your motivations
There will be a reason why now seems the perfect moment to sell your business. Likely, your business has become very successful. Selling it at this stage can feel counterintuitive – but when your business is thriving is by far the best time to sell.
The success of your business may also mean that you’ve ended up doing less of what you enjoyed doing when you first started out, and more of the tasks that come with running a thriving business (e.g. management, operational strategy, etc). The right buyer will take some of this stress off your hands, and bolster your business with their skills and expertise.
Know what matters to you
Having worked so hard to make your business what it is today, what happens to your business and the staff who work for you will be important to you even after you sell.
This is why it’s important to sell to the right buyer; ideally, a values-aligned buyer who takes your goals and desires for an exit strategy into account.
Decide when (or if) you’re ready to leave
If you’re feeling ready to move on and confident that selling is the right choice, a buyer is what you need.
However, if you’re enjoying your business’s success but simply finding it’s leading to you being too busy and doing less of what you love, you might be more in need of a business partner than a buyer.
What to look for in a values-aligned buyer
1. Focused on the future
As a business owner who cares deeply about your company’s ongoing success after it is sold, finding a future-focused buyer is vital.
Goonvean Group are a values-led private investment group with a track record of acquiring businesses we believe we can help – from the day we acquire them and on into their future. We take on businesses to shape their future, not merely to sell them and move on.
2. Flexible deal structures
Deciding to sell your business comes at a different time for every business owner; different stages of life, stages of career, etc. There is no ‘one size fits all’ when it comes to selling a business – but some buyers can be very rigid in their processes and acquisition offering.
At Goonvean, we like to do things a little differently. We offer flexible deal structures that enable the business owners we work with to plan the exit strategy they need. Whether that involves handing over the reins to us after the sale, planning a gradual exit a few years down the line, or staying involved in their business but backed by our expertise, we work with the businesses we acquire to refine a deal that works for both parties.
3. Cultural alignment
Many of the companies we have acquired at Goonvean are family-run enterprises, some of which have been in business for decades. These businesses have a legacy and culture that spans generations, and an individuality that we always try to preserve.
We divide our operations into four key segments: Manufactured, Engineered, Reprocessed, and Developed businesses. This helps promote connection and collaboration across the Group, whilst still maintaining the legacy and culture each business comes to us with.
