A couple of years after they bought the business, I met with the five directors of a new client.
They’d remortgaged their homes to buy out the previous owners. They were full of enthusiasm, energy and ideas.
But two years later, cashflow problems had caught up with them, and they had been referred to us.
As we talked, I asked a simple question:
“What’s your vision? How do you see this business developing – and what’s your future in it?”
The answers stopped me in my tracks.
- One director was planning to retire in a couple of years and cash out.
- Another hoped to sell the company in about 10 years for a big payday.
- Two wanted to keep building it for the longer haul.
- And the fifth had never even thought about it.
Five people, five very different futures. No wonder they were pulling in opposite directions.
Over the past few weeks I’ve been talking about why exit planning is so important. The truth is, the way you expect to leave your business shapes every decision you make while you’re in it.
When you’re the sole owner, it’s tricky enough to define your vision. But with partners, it gets even more complicated – because unless you’ve had the conversation, you might just be assuming you’re all on the same page.
Very often, you’re not.
That’s why the very first step is simply to ask: “Where do we each see this business going – and how do we want to leave it?”
Those conversations can be uncomfortable. Sometimes the answers are surprising. And that’s exactly where a neutral third party like us can help.
At Insight Associates, we sit down with you and your partners to bring those different visions into the open.
Then, we work with you to find common ground – and build financially sound plans that get you where you want to go, whether that’s selling in five years or creating a business that sustains you for decades.
If you and your partners haven’t had this conversation yet, let’s talk. Email garry@insightassociates.co.uk or call our office on 01279 647 447 to arrange a no-obligation consultation with me or one of our specialists.
We’ll listen to your situation, explain how we work, and if there’s a fit, we’ll plan the next steps together.
Warmly,
Garry
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