Larry Snyder — Preparing for Your Exit
How and when are you going to sell your company? It’s the biggest sale you’ll ever make, and the one that too many business owners aren’t spending enough time preparing for. But the sale of your business needs your time and attention now in order to really pay off down the road.
Larry Snyder has successfully led businesses for over 40 years. He has been through all four stages of a business — starting one, building the foundation, growing the business, and exiting. He knows the value of being prepared for an exit from Day 1 and how to achieve that for optimal value.
Looking back to his own exits, Larry made several key proactive steps. First, he recognized that a successful exit doesn’t happen overnight. He also identified how to align all invested partners to optimize well before the exit date. Larry has seen firsthand what happens when companies don’t have a clearly-thought-out exit strategy in place. And without one, business owners are setting themselves up to receive a fraction of the sale price that their business is actually worth.
But how can a business owner know if they are on the right track for making a smooth exit? Start by taking a vacation! If you can’t take a two-week vacation without your company falling apart or you constantly having to check in on everyone, you’ve still got some work to do.
Create a clear picture of your exit. What does it look like when you leave the business, regardless if it’s five, ten or twenty years from now? What is your role in the company once you have made your sale? Larry shares several anecdotal experiences where it pays to begin with the end in mind. Most importantly, no matter how far you are from your exit, dedicate some time to structuring it each week, and ask the questions that lead to the insight that you need to be prepared for the optimal exit, whenever it may come.
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