This week I’m writing about using a Comprehensive Exit Strategy. This is a detailed strategy for identifying the current value of your business, quickly enhancing its value, and developing a marketing plan to identify the ideal internal or external buyer to pay the best price for your business. I have been writing about some of my hero clients and how we are achieving significant results from our work together. We have 36 Coaching Modules. These are areas under the broad categories of growth, profits and freedom within your business that when we improve your performance, your business will run better.
Ann’s Plant Nursery Business Before We Met
Ann, this week’s business hero was referred to me by a M&A business intermediary. She owned a Plant Nursery that was very well established and she was ready to sell her business. However, her business was underperforming. Still, we listed the business for sale and tested the market. We had a few inquiries but no serious offers.
Coaching Modules for Ann’s Plant Nursery Business
We decided to develop her business by doing some business coaching with her. The Coaching Modules that we deployed included different aspects. A Strategic Plan with a follow-up team deployment planning meeting; a Revenue and Profit Budget, a Unique Selling Proposition and most importantly, a Comprehensive Exit Strategy.
The Implementation Of Our Comprehensive Exit Strategy
A Comprehensive Exit Strategy is all about monitoring the business value. This is a quarterly task and managers are accountable for increasing the value. To meet the peak seasons of the business, we had to adjust the business hours and personnel. We also performed a competitor pricing survey. This allowed us to determine that we could raise prices. Additionally, we turned the store into more of a customer experience. We started offering evening events that include wine, hors d’oeuvres and entertainment.
The Final Results For Ann’s Plant Nursery Business
The profits for Ann’s business rose by more than $110,000. With the implementation of our Comprehensive Exit Strategy, her business quickly sold. Here’s what Ann had to say:
“When you own your own business, it is difficult to accept an outsider’s observations. But Alan was able to present both criticisms and suggestions in a logical form for me. Once my personal resistance was overcome I was able to embrace recommended changes and successfully grow my business profits. With Alan’s guidance, I was even able to sell the business on my terms. “ Ann, Former Owner, Plant Nursery
Congratulations Ann for seeing your business and profits grow, and then selling your business using a Comprehensive Exit Strategy! You are a business hero and an inspiration to us.