Running your business is difficult...

What is your Exit Plan?

When a business owner starts up there is invariably a vision that the owner has which drives him to start up in the first place. That vision is manifested in many different ways; it could be a desire to acquire the trappings of wealth such as a house, car, boat, golf club membership or whatever. It could be the ability to fund charities or other altruistic aims, or to have the time to follow one’s personal dreams and ambitions. Or it could be that feeling of great self esteem brought about by running the best business of its type in the area.

However, whatever drives the owner, typically part of the vision is for a business which runs itself in some way, so that the owner doesn’t have to continue to invest his own time full time into the business.

Again, that can happen in a number of ways:

Set the business up so that it just doesn’t rely on him at all, and runs itself, so that he can simply reap the financial rewards
Pass the business on to someone else but retain a financial interest and have the business provide a pension
Set the business up for sale

All of these have one thing in common; a business where the owner is not central to its ongoing success is worth a great deal more than one where it is reliant on the business owner to be there. So regardless of whether the owner has the desire to dispose of the business or to retain it, the sellability of the business is a great measure for how effective it is as a self sustaining unit. But how many business owners have that growth-for-exit plan in place?

Seventy percent of business owners in today’s market plan to sell or pass their business on within 10 years, yet 76% don’t have an exit plan and many do not even know the value of their business.

When you spend a lifetime building a successful business, it can leave little time for anything else, including thinking about an exit plan; but even if you are planning to pass the business on to family, you want to ensure you are offering them a valuable and sustainable business. Whether you are creating an exit plan for the short term, or for 20 years hence, it’s never too late or too soon to start understanding – and increasing – the value of your business.

A well thought out exit plan can:

• Protect the legacy of your business

• Build value in your business

• Provide financial security for your family and your stakeholders

• Make it easier to deal with any unexpected events (illness, accident or death)

• Help to prepare you and your business for the future

The place to start is to rate your business in terms of its sellability. At Smartsupport we have a tool to help you do this, called the Sellability Score. Starting with a brief online questionnaire the Sellability Score can be used as a gauge to measure how sellable your business would be today, and it can help you focus on where to increase your efforts within your business.

The online tool is quick and easy to use, and it generates a personal report that highlights:

• What you should consider when thinking of transitioning your business

• How saleable your business actually is

• The likelihood of receiving a premium offer

• What your financial options are

After completing the questionnaire online, you will be provided with a score for your business and a summary of what the score means. Meanwhile, we will organise the comprehensive report for your business and then we will set up a time with you so we can meet, review the recommendations together, and discuss any next steps required.

Do the Sellability Score questionnaire today, and determine how you really are going to get what you want from your business.

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Our tried and trusted programmes enable you to review your business and put in place systematic improvements that will enable you to build a successful business.

We can work with you on a 1-2-1 basis or with a number of your team who will benefit from our workshops and programmes to ensure your business is directed towards your goals.

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We have found the advice to be extremely helpful in enabling us with the focus and direction that we needed for our company.Simon Chambers - New Leaf Technology Solutions

Very quickly you were able to give us guidance which meant that we have now turned the business around.Jonathon Berg, MD Blossom Florists

What my business needed was to be seen through a fresh pair of eyes, to determine what could be done to improve profitability and to identify how I could reduce the reliance of the business on me, which would have the combined benefit of enabling the business to grow, while giving me some of my life back. You provided that fresh pair of eyes.Dave Clark, MD, Vanitorials Ltd

We find you very useful in our quest for business growth. Its great to have someone independent to help us with new ideas and tactics.Joanna Ray – Manager QS Support

Thank you. An amazing service! Your sessions are giving us direction and confidence with our new businessCaroline Maresca & Ellie Cachia – Owners Renowned Resourcing

For the first time, I feel that I have ‘a partner’ helping me to look at the business with fresh eyes; for many years I was working in it to the point of exhaustion and frustration. I am beginning to get the work-life balance in place.Pauline Wilkinson - Owner Tutoristic

You have been of great assistance to me in the development of Gilmartins from a £6m business when we first met to our current circa £20m turnover.Terry Gilmartin - Managing Director Gilmartin

You have been of support to me particularly through the transition period from an outside service provider to inhouse delivery, giving me the support, knowledge and tools to be able to manage the maintenance of the facilities. I highly recommend your services and support to all.Nicholas Shaw Centre Manager - Three Hills Sports Park

You gave us the tools and confidence to be effective in tendering.Fiona Senior – Managing Director DMS Property Maintenance

Tendering - What was particularly impressive was the way you were able to establish what we do and how we would deliver the project, putting it in a way that was easily readable and included all our key skills and experience.Peter Rowe - Managing Director, Pierce Hill Project Services

Thank you for the time you have spent putting me on the right track with my business.Kirsty Whitworth - KV Hair and Beauty

You have pulled me out of my comfort zone and made me analyse the detail behind operating a company, mand then showed me how to do itJon Britter - Britter Technical Services

Our turnover has doubled, our profitability has increased, our management skills have grown and we employ lots more people.Sarah Redpath - Leisure King

You grasped an in-depth understanding of my business and most importantly what I wanted from the business. With that in mind, you were able to help us build and implement effective robust financial processes that allowed us to plan for a sustainable business expansion.James Tutton - Chelmsford Removals

Both myself and my co-director had a strong sales background however we did struggle with other areas of the business - particularly cash flow. Right from the start you gave practical advice as well as an easy business process that we could follow; the net result was we could sleep at night knowing we had everything in hand.Julie Squires - Cascade Print Systems

The business was in a trough and I needed inspiration with my sales and marketing strategy. I met a business associate who knew Smart Support and recommended having a meeting. It was a real bonus that you didn't know the industry as you were able to ask some searching questions and push my turnover expectations. Dave Fletcher - White October

My business seemed to be in the doldrums and I needed to find some more clients. Smart Support brings to my business experience way beyond what most people new to business possess and gives me a head start over my competitors. T Julian Saunders - Pura Design

We enjoy working with Smart Support. They are extremely helpful and proactive in supplying practical ideas, relevant information and strategies that have helped us develop our business particularly around the areas of sales and marketing Phillip Hindle - Beresfords Accountants

Setting up what was effectively a new photography business and choosing to work with Smart Support was one of the best choices I could have made as a business owner. Having support, advice and knowledge really helped; from having the correct – and oh so important – “processes” in place, to helping get things up and running, all were invaluable insights I needed.Doug Harman - Doug Harman Photography

I have relied upon Smart Support and associates to help me develop and grow my business over the last 7yrs. I have no hesitation in recommending you to my friends and business contacts, you owe it to yourself to listenDavid Harding - Hardings Chartered Building Surveyors

When you started helping with my business we were in trouble and I was seriously exploring administration. 12 months on, we still here and making a small profit. Some of the advice has been difficult to take, but the changes we made have helped and I now believe we will turn the business around, although there is still much to do. Without you I can guarantee we wouldn’t be here now unless we had won the lottery. I think you have been the best thing that ever happened to Art2go and have become a good friend!Ian Biggs - Art2Go(UK) Ltd

You are shrewd, smart and highly experienced in the ways of business. This is combined with a passion for helping your clients develop their businesses integrally. We have worked together in a number of capacities recently and I have found you to be direct yet caring, and an excellent business partner and advisor.Paul Bourdillon - Irun Canterbury

Smart Support has been guiding me and my business to a 100% improvement in sales and profit year on year and I am expecting this to continue in the years ahead. Tim Chappell - WPA