There are a myriad of different tools you can use to plan and implement your business exit strategy. Let’s start at the beginning and look at a simple vision board.
A vision board is a collection of images that represent an idea that you’re considering. For example, if you want to pursue a new career you might create a vision board to help you determine what career is right for you and get clear on why you want to pursue it.
You can use a vision board to get clear on what you want your life to look like after your business and what type of exit strategy might be right for you. Keep in mind that a vision board is a brainstorming tool. It’s not an action plan. That’s the next step once you’ve determined what type of exit plan is right for you.
A mind map is another tool that creates a visual representation. However, instead of using it to brainstorm an idea, you can use it to brainstorm a process. Mind maps generally have a central theme. From that central theme you create spokes. Each spoke is a different idea or task.
From that new spoke you can create more spokes or thoughts. It helps you brainstorm and remember all of the elements of your business that will need to be addressed in your exit strategy. It also outlines your goals for your exit plan so you can create strategies to achieve success.
Flow charts can be used to document your processes. For example, what happens when someone visits your website? What happens when a customer makes a purchase? You can also document your behind-the-scenes processes. This information will become part of your exit strategy if you sell your business or merge it into another business.
Checklists help you make sure that you don’t miss a step. You might create a checklist of records and documents that need to be transferred when you sell your business. Another checklist might include the systems and technologies that need to be cancelled when you close your business.
Finally, consider getting some type of document sharing system to store and organise your business documents. When it’s time to sell your business, if you chose that exit strategy, you can simply share the relevant documents with the new owner. And it’s useful for sharing documents and information with virtual assistants too.
One of the biggest reasons people choose to sell their business, rather than close it down, is that they feel some loyalty to their customers.
If you are interested in exploring a merger or sales opportunity, please contact me, I am always on the lookout. We can have an obligation chat about your business to see if there’s a way for us to work together, or I can look into my contacts to see if I can connect you with anyone that would be better suited to help you.