If, as we often say, you can transform a company in 5 years then what about in 70?
You can argue about the Queen’s influence over that time but it is an incredible length of service in anyone’s book – and unlikely to be repeated.
In business terms, the only person who comes close is Rupert Murdoch – who inherited a business portfolio in 1952 when he was only 22, though that is very much where the comparisons end!
In contrast we have noticed ‘the ten-year itch’ growing amongst owner-managers. After ten years of ownership (give or take a year or two) people start to look at their options – whereas traditionally they might have continued to manage the business to retirement.
Owning your own business is certainly the biggest opportunity for most to build wealth, so when exiting you will need to ensure that your future needs are met as far as possible by the sale proceeds. This will give you the flexibility to leave without the immediate need for an alternative income source.
Many owner-managers get fed up with working all hours – perhaps that is the time to consider changing your role. Taking one day off a week is a good start and perversely, reducing the dependence of the business on you will in turn reduce the risk for an ultimate acquirer. Being able to prove that the business will continue to function smoothly without you is a major positive when selling.
If you’d like to just discuss your options with a Prism Director please contact us to arrange a confidential 1-to-1 chat.