Yesterday, we had an interesting conversation with Ooi Ho Seng of Ultimate Business Consultancy about the importance of an exit strategy or exit plan for entrepreneurs and business owners especially when your business is doing exceedingly well.
If you missed the FB Live, here’s the replay video.
This is a topic that most entrepreneurs and business owners shy away from as it is uncomfortable as death. It is the elephant in the room. It is hard to bring up among business partners because it portends something negative or taboo.
And why would entrepreneurs and business owners want to raise the issue of exiting the business when everything is going well?
People who are entrepreneurs and business owners often spend a lot of time starting and growing their businesses. They invest valuable time and money and their businesses are usually the most priceless asset they will ever own especially if it is prospering and thriving.
However, the business is only as good as the life of the business.
Many business owners don’t even think about a business exit strategy as their default exit plan is to run the business until they retire and sell off their shareholdings upon retirement.
This is great if the default plan works.
But what happens when there is an unexpected event or interruption such as sudden demise or illness?
Or maybe the business owner may be tired of running the business and wants to take a break indefinitely?
What happens to the carefully built up business?
Can the business continue to operate smoothly?
What should the rest of the business partners do?
What are the consequences and challenges for the business and the rest of the business partners?
Ho Seng is an experienced certified financial planner and estate planner and he gave helpful pointers and strategies in the video above.
And if you find that it’s tricky to raise this business exit topic with your own business partners, why not share our video with them? This might be a smarter way to broach the topic easily.
About Redbox Studio FB Live series:
The Redbox Studio FB Live series focuses on entrepreneurship, marketing and/or leadership. Krista Goon of Redbox Studio is the host of this series.
We started this during the Malaysian Covid-19 lockdown in March 2020 because we wanted to share valuable and interesting information with people who follow us on our Facebook page as well as provide value-add through visibility and publicity to our clients.
We host interviews every fortnight and they’re all FB Live sessions with friends and people from Malaysia and around the world. Sign up for our updates so you‘ll know when the next FB Live is coming up.