EP 90: Are you setting your business up to support you long into the future (even after you close down or sell your business)?
Here's the truth: You are going to exit your business one day.
Whether you sell it, close it down, or transfer ownership, it's going to happen—unless someone finds the fountain of youth and you hack the art of living forever!
Too many micro and small businesses don't think or operate in a way that supports the big picture of their life.
As a result, they miss vital opportunities to make wise decisions and investments that could potentially set them up for financial security long after their days of running the business are over.
No matter how small your business is, you have to be thinking and planning for the future and your retirement.
To help ensure you don't fall into the trap of thinking this is a problem for the future, I've invited Cliff Spolander, a business strategist and exit planner, to talk us through the various ways you can successfully exit your business (and exit does not always mean to sell).
Cliff shares the steps you can and should be taking right now to ensure you're setting yourself up for success, not just now, but long into your future.
Don't miss this crucial episode!
Tune in to learn how to secure your financial future and make strategic decisions that will benefit you long after you’ve exited your business.
🎙️ Listen to full podcast Episode 90:
Before we dive in…
Have you heard about my shiny new Time + Money Booster calls?
If you’d love some coaching to help you work less and earn more (my speciality) and finally have some clarity on where your precious energy needs to be in your business, then get your beautiful self booked in right here (did I mention they’re completely free??)...
Ok, let’s dive in!...
As a mama business coach, I often focus on helping you build and grow your business. But what about the end game? That's where Cliff's expertise comes in, and trust me, ladies, this episode is a game-changer for any female entrepreneur looking to secure their financial future.
"You should plan your exit the day you start your company. Failing that, the next best time is to start your exit today, right now." - Cliff Spolander
The Long Game: Planning Your Business Exit
As mothers in business, we're often caught up in the day-to-day hustle of running our enterprises. But here's a wake-up call: every business owner will exit their business one day, whether by choice or circumstance. The question is, will you walk away with the financial security you deserve?
Cliff opened my eyes to the fact that exiting your business isn't just about selling it. It's about ensuring that your business supports you financially, even after you're no longer actively running it. This concept is crucial for every female business owner, regardless of the size of your current operation.
Three Paths to Exiting Your Business:
Selling: This could be to a family member, internally to staff, or externally to competitors or investors.
Liquidating: Selling off assets if your business has tangible value.
Closing down: Walking away if there's no intrinsic value to sell.
The key is to start planning now, no matter where you are in your business journey.
Building Your Business with the End in Mind
As a business coach for female entrepreneurs in the UK, I've seen countless women pour their hearts into their businesses without considering the long-term picture. Cliff's insights have shown me that we need to shift our mindset from just achieving short-term goals to building a business that will support us well into the future.
Imagine this: It's ten years from now, and you're ready to step back from your business. You've planned meticulously, and now you're able to walk away with financial security, knowing your future is taken care of. That's the power of exit planning!
Key Takeaways:
Start planning your exit strategy now, regardless of your business size or age.
Consider how much money you'll need to maintain your desired lifestyle after exiting.
Use your business as a vehicle to build wealth outside of the day-to-day operations.
Don't forget crucial elements like wills, power of attorney, and proper insurance.
Regular business health checks are essential to ensure you're on track for a successful exit.
Our Approach to Client Success
Working with Cliff’s revolutionary system (this isn’t a part of my coaching package but is available to clients as an add-on), I’m now able to focus on growth strategies AND incorporate long-term exit planning into our sessions. This holistic approach ensures that my clients aren't just successful today but are setting themselves up for lasting financial freedom.
For instance, I'm currently working with a client who's preparing to sell her business in the next 5-10 years. By starting the planning process now, we're able to identify areas for improvement and implement strategies that will maximise her business's value when it's time to sell (and in case you’re wondering, we’re talking selling her business for multi-millions - a truly life-changing sum!)..
"You've got this business, you've got this little machine working for you, this asset, but what is it really doing for you? What are you doing financially to ensure that you are financially secure in your future?" - Cliff Spolander
This question from Cliff really resonates with me, and I encourage all my clients to consider it deeply.
Taking Action: Your Next Steps
As a virtual business coach, I'm passionate about helping you create a business that not only thrives now but also sets you up for long-term success. Here's what you can do right now:
Assess your current financial situation and future goals.
Start putting aside money for investments, even if it's just a small amount.
Consider speaking with a wealth planner to create a solid financial strategy.
Review your business structure and operations with an eye towards future exit options.
Ensure you have proper insurance and legal documents in place.
Remember, it's never too early to start planning for your future. Whether you're just starting out or you're an established female entrepreneur, taking these steps now can make a world of difference in your financial future.
Are you ready to transform your business into a vehicle for long-term financial success? Let's work together to create a strategy that ensures your business supports you now and well into the future. Book a discovery call with me, and let's start planning your path to lasting financial freedom.
Together, we'll build a business that not only brings you joy and fulfilment now but also secures your financial future for years to come. Because you deserve a business that works for you, long after you've stopped working in it.
P.S. Ready to secure your financial future and build a business that supports you for years to come? Don't leave your exit strategy to chance! Book your discovery call with me today, and let's create a roadmap for your long-term success. Whether you're just starting out or you're a seasoned entrepreneur, it's never too early (or too late) to plan for your future. Take action now and set yourself up for the financial freedom you deserve!
Learn more about Cliff Spolander:
Linkedin: https://www.linkedin.com/in/cliffspolander/
Website: https://www.businessbydesign.co.uk/