GROWTH. TRANSFER. LEGACY.
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Yet, coming up with an exit plan is more important than ever.
“Should I sell my business now?” We have been fielding this question almost daily since COVID-19 started. In good times it seems that we field that question a bit less. Generally, that should be the reverse. Like with the stock market, business owners too often ride the wave up and assume it will keep rising until they reach the exact moment – and value – that they want. That isn’t going to happen for the vast majority.
Of course, the answer at any given moment depends on so many factors:
Should I sell? Should I wait? When? Price? The answers are different for every one of you reading this article. Our current clients (mid-COVID) range from $0 in revenue to having their best year ever. What is the same for every business, however, is the series of questions and considerations to design an exit plan.
If the value of your business is down during COVID-19, but still reasonable for your needs, consider selling. Get over the emotion of it being worth more at the beginning of 2020 and don’t gamble on the future. If you cannot jump out at the current value, get hyper-focused now on comprehensive, realistic exit planning. Call if we can help you think through your specific situation.
Whatever your situation, these 5 Action Items Apply:
Make sure that all your advisors are communicating and coordinating as a team on your behalf! If anyone is not doing so, kick them to the curb!
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Always happy to have a conversation to provide some guidance!
Stay Healthy & Safe!
David Shavzin, CMC
Exit Strategist – Value Growth, Exit Planning, Succession Planning, Transactions
Founder and President, The Value Track, Atlanta, Georgia
Co-Founder and President, Exit Planning Exchange Atlanta
Building Transferable Value for Sale
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