The initial phase of the business life cycle, ‘Entity Selection and Start-Up’, requires careful thought and planning for such details as whether to purchase an existing business or start a new one, setting up the legal structure, analyzing the size of the market and its growth potential, determining the ease of securing loans or funding, etc. It’s clear that all these considerations are critically important.
In the second phase, ‘Growth and Value Creation’, the business requires development through such activities as refining the market niche, branding the company, forecasting sales, automating procedures, building staff, expanding operational financing, monitoring and adjusting insurance needs, etc. This phase also includes planning for expansion, establishing partnerships, mergers and acquisitions, making secure investments, repaying debt, being innovative, sustaining and building growth, etc.
The third phase of the business cycle is preparing your business for transition and making your business attractive to the market so you can exit the business with the wealth you’ve built in your company. This could include improving your company’s branding, reinvesting cash flow, controlling risks, improving the budgeting process, or creating an exit plan. This will be discussed in depth in this book.
Excerpt from Exit Insight: Getting to “Sold,” pp. 4-5
Copyright © 2014 by Joseph M. Maas. All rights reserved.
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