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How Much Do You Need? Kryten is Coming!

Posted On - 01/07/2016 07:46:07

Why are you in business? What's it all for? What are your goals? What's the end-game? What do you want out of it?Why are you in business? What's it all for? What are your goals? What's the end-game? What do you want out of it?

Big questions, but also ones you could answer all the same: "to make a living."

Now, that could mean a yacht and a Ferrari. It could also mean regular meals, a roof and a pint on a Friday night. It all boils down to one thing: how much do you need?

This disarmingly simple question is actually quite hard to answer. So much so, we've a special session about it at the 2016 Open Day.

When the time comes I'll just sell up

Whatever your answers, one day you'll sell your business. It will happen. You could just shut up shop – though that's a bit daft if you could make some money. The question is when will that be?

You could say you'll sell up when you can get the best or highest price. Err yes, but you're stating the obvious. So, when will you sell?

It's all very well coasting along and making a living. But selling up can't just be some distant ambition for tomorrow. Unless you're working towards it, every passing day is one lost to making your business worth more. Every passing day is one the value of your business didn't go up. One less to make sure you get the best or highest price. The very thing you said you wanted.

So when are you going to sell?

Once it's gone, it's gone

Sorry to be pushy but we're pressing to make a point. Choosing a moment in time is all very well but once you sell you've sold. You can't go back, what was your business now isn't – it's someone else's. You've got what you're going to get. That's it, there's nothing more.

Make no mistake, this is a one shot game; you really need to get it right. Now, you can choose to get what you can, or you can aim for what you want and work towards it. It's your choice.

How much do you need?

This is the key question. This is the one you really need to answer before you can contemplate "when".

Building value in a business takes time. Getting the sale price up doesn't happen overnight. So you need to think ahead about where you want to be and what it'll take to get there. So how much do you need?

Even answering this isn't straightforward. It depends on why you're selling. There are several reasons why you might. But they really boil down to two. Either you're selling up to realise the cash. Or you're doing it to retire.

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