Consulting with an exit coach to plan for your business exit is one of the best investments you can make. By sitting down with your exit coach, you can plan your exit and avoid common issues sellers have when selling their first business. Although meeting with a coach is great, you can maximize the meeting by asking the right questions that can net you more profit for the sale of your business. Some of the best questions you can ask your exit coach include:
How Can I Improve The Value Of My Existing Business?
One of the most important roles an exit coach plays is helping maximize the valuation of the business. Asking your coach how to improve the value of your business will help you achieve the best financial outcome. Your coach can help you navigate all of the avenues you have to improve the value of your business.
This can include strategic decisions like diversifying revenues, improving margins, and documenting existing processes to make it easier for the new owner of your business.
What Are My Exit Options?
Asking what exit options you have will allow you to see all of the exit avenues you can take for your business. An exit coach acts as an objective person to help you explore different exit options and what you can expect from each option. Since they are not tied to a particular outcome such as a successful sale of the business, they can provide pragmatic advice.
Some exit options that your coach may explore with you include acquisition, liquidations, and selling to a family/friend. Your coach can help think through the pros and cons of each exit strategy as you choose the best option for you and your business.
What Should My Exit Plan Include?
Most owners struggle with where to start, what to do and how to prepare. You will want to ask about documents needed and steps you need to take to get ready for whatever transaction you decide to pursue.
Your exit plan should include the objectives you have for your business sale, accurate financial records, a business valuation, and up-to-date licensing and taxes. These are some of the foundational elements of your exit plan, you can also include aspects that are specific to your business and industry.
To learn more about what questions you should ask your exit coach, take a free assessment here.