I know you love your business and can’t imagine yourself ever stepping away from it, but there are lots of circumstances that might require you to do so. Maybe one day you’ll retire and want to stop working altogether, or maybe you’ll just want to move on to another business venture one day. In this episode, I’m sharing how to structure your business and plan to maximize your profits so you can confidently step away from it one day on your own terms.
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Key takeaways from the episode:
There are three main buckets of exit strategies: liquidating your business and shutting it down, becoming an investor in your business that collects profit but doesn’t run operations, and selling your business.
If you’re following strategy #2 and stepping into the investor/owner role, you need to have enough profit to pay someone else a CEO salary, and teams in place to run the business day-to-day. All of this takes time, but they allow you to keep your business open and still collect profits.
Selling your business can be a “net worth” event, meaning you can make hundreds of thousands or millions of dollars in one fell swoop and basically be set for life. How much you can sell your business for depends on your industry and earnings.
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Resources mentioned in this episode:
Listen to Episode 23: Calculate Your Retirement Number
I’m Sarah Young - a CPA, Virtual CFO, and the Owner of Young + Co! I have over a decade of experience in helping entrepreneurs scale their businesses and build wealth at the 6- and 7-figure levels, and I started the Profit + Prosper podcast to help you do the same. Profit + Prosper is a business finance podcast created to help entrepreneurs build their wealth in a way that’s fun and empowering. This is NOT a boring numbers podcast - I will share tactical tips to increase your profit so you can truly prosper in your business and in life. I hope you’ll subscribe so we can Profit + Prosper together!
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