Managing The Aftermath Of Your Exit…

Maximising the valuation of your business and getting the best terms…

…are understandably where the exit planning focus will be.

But it’s also important to have a practical transition plan for continued success as you hand over.

A few thoughts around post-exit planning:

> ONE VERSION OF THE TRUTH. And I don’t mean inside your brain. Document your knowledge so that continued operations don’t depend on a small detail you haven’t passed on.

> NURTURE A No.2. Identify or bring on a MD OR COO to oversee continuity.

> BE OPEN WITH THE TEAM. But at the right time. Transparent comms will help retain your talent throughout the transition.

> CONTINGENCY PLAN. Unexpected things will happen. If a key person leaves at a critical moment in the process, have a plan to cross-train others and backfill critical roles.

> WHAT HAPPENS TO YOU? This might be in flux till later in the process. But get a grasp on the acquirer’s expectations of you and how that’s linked to your financial incentives.

> ASK OTHERS. Save time and avoid costly mistakes by getting support from those with more experience.

> START EARLY. Waiting until you’re ready to exit is far too late.

Preparing for a smooth and accelerated exit takes time – and requires you to be methodical in how you approach it. – during that time…

#SME #Business #M&A #ExitLaunchpad