New publication aims to help businesses work out an exit strategy

Following the successful sale of his company retired businessman Graham Watkins, 53, has written a book detailing the complexities he encountered. When Graham and his wife sold their company, they had no idea what would be involved.

Graham says, ‘after scouring libraries for good advice on the subject and talking to professionals, we quickly realised there was very little information available. The process of preparing the company and finding the right buyer took over three years and was far more complex than we had imagined. It involved an enormous learning curve and could have easily ended in disaster. Selling for the right price was important but we wanted to make sure the staff, who had always been loyal, were looked after. We owed it to them. The result was a transaction where everyone won.’

There are over 2 million private limited companies in the UK, but many business owners spend years learning how to run and grow a business, yet fail to plan how to sell up and exit. The cost can be significant leaving owners unable to capitalise on their most valuable asset, the business, and squandering years of hard work.

The answer, according to Graham Watkins is to write a business plan that includes an ‘Exit Strategy’. He argues that effective planning should start years before the owner intends to depart. In his book Exit Strategy Graham explains in plain words what every business owner needs to do to make leaving their business a profitable and enjoyable experience.

Planning, preparation, recruiting good intermediaries, finding a quality buyer, negotiating the best price, dealing with accountants and concerned staff and avoiding potential traps - issues that require careful attention are all examined in the book. Plus the advantages and disadvantages of options such as flotation, management buy out and straight sale of the business are explored.

‘It pays to start early’ says Graham ‘turning your business into a golden nest egg that a buyer will pay a premium for, takes time and starting your exit planning years in advance makes good commercial sense. Ironically developing a sound exit plan actually makes a business easier to operate.’

Exit Strategy – A Practical Guide to selling your business, published by Discovered Authors will be available from 14th August priced £12.99. Author’s website – www.exit-strategy.org