West Company Blog
Time to Say Goodbye? Part 1 of 3
by Heather Gurewitz
Mendocino Women's Business Center Director
Imagine what our communities would look like if we lost 80% of the existing businesses. For every business owner, there is a day to say goodbye to the business, be it through sale, death, or retirement. In a sense, the business exit is the final test of business success. Is it built to continue without the owner? Is it worth more than the sum of its parts? Does it have enough value to support the owner in their retirement years? These are all very big and important questions, which is why West Company is embarking on its biggest and most important initiative in Mendocino County. Normally, West Company helps create wealth and jobs by assisting people to start or grow businesses. However, as we look toward the future, our local economy is made up of small, local, and independent businesses, and for many, the question of when to say goodbye is already being asked. As an organization dedicated to grass roots economic development, West Company feels the need to address this issue. It's time to strategize!
Exit strategies are simply ways that people leave their businesses. They can range from the liquidation of assets and "closing the doors," to selling the business, to hiring a manager and maintaining ownership, to selling it to a group of employees who either own stock in the company or manage it as a cooperative. An exit strategy, depending on its complexity and legal ramifications, can take up to 10 years to implement, but when all is said and done, the question remains, did you get the value you wanted out of all the hard work and years you put into that business?
As noted above, these are some big questions, and big questions need a big event, which is why we will be hosting a special event, "10Xit Mendocino," on May 16, 2012 at the Ukiah Valley Conference Center. This full day event will help business owners understand different strategies for a successful business exit and start working toward those goals. As the Small Business Development Center and the Women's Business Center, West Company's goal with this event is to help retain locally owned businesses and jobs in our county and we hope that the business community will join us in this effort. And of course, as the SBDC and WBC, we provide free one-on-one consulting to help business owners as they move forward in the planning process. To learn more about 10Xit Mendocino, visit the conference website at www.10exit.com.
Mendocino Women's Business Center Director
Imagine what our communities would look like if we lost 80% of the existing businesses. For every business owner, there is a day to say goodbye to the business, be it through sale, death, or retirement. In a sense, the business exit is the final test of business success. Is it built to continue without the owner? Is it worth more than the sum of its parts? Does it have enough value to support the owner in their retirement years? These are all very big and important questions, which is why West Company is embarking on its biggest and most important initiative in Mendocino County. Normally, West Company helps create wealth and jobs by assisting people to start or grow businesses. However, as we look toward the future, our local economy is made up of small, local, and independent businesses, and for many, the question of when to say goodbye is already being asked. As an organization dedicated to grass roots economic development, West Company feels the need to address this issue. It's time to strategize!
Exit strategies are simply ways that people leave their businesses. They can range from the liquidation of assets and "closing the doors," to selling the business, to hiring a manager and maintaining ownership, to selling it to a group of employees who either own stock in the company or manage it as a cooperative. An exit strategy, depending on its complexity and legal ramifications, can take up to 10 years to implement, but when all is said and done, the question remains, did you get the value you wanted out of all the hard work and years you put into that business?
As noted above, these are some big questions, and big questions need a big event, which is why we will be hosting a special event, "10Xit Mendocino," on May 16, 2012 at the Ukiah Valley Conference Center. This full day event will help business owners understand different strategies for a successful business exit and start working toward those goals. As the Small Business Development Center and the Women's Business Center, West Company's goal with this event is to help retain locally owned businesses and jobs in our county and we hope that the business community will join us in this effort. And of course, as the SBDC and WBC, we provide free one-on-one consulting to help business owners as they move forward in the planning process. To learn more about 10Xit Mendocino, visit the conference website at www.10exit.com.
Categories: West Company Blog
