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Exploring the entrepreneur’s journey: Actionable insights to set SMEs up for success (part 4).

In this post series, we’re looking into the 4 most important phases of the entrepreneur’s journey. These phases chart founders’ courses as they reach goals, face (un)expected challenges and hit some inevitable brick walls.

Over the past weeks, we’ve been diving into 4 key phases in the entrepreneur’s journey. From Pioneer to Growth, we’ve seen how these phases chart an entrepreneur’s course as they reach goals, face (un)expected challenges and hit some inevitable brick walls.

This week, we’re rounding off the series with insights on the Exit phase.

The Exit phase

At thexton armstrong, we make sure founders are in the driving seat of their exit plan — no matter when they choose to sell their business or to whom.

It could be a successor within their family, a member of their trusted management team or an external party who takes on the company.

Whatever their specific scenario, founders will face the same key question: How do you know when you’re ready to sell?

A business can be sold at any point in its development cycle. As a company goes through several cycles, it tends to increase in value and attractiveness for potential successors or buyers.

Sales or transfers can be planned but also unexpected. So, as a founder, it’s wise to have an exit plan in place as early as possible. That way, founders can ensure their exit plan is designed to take care of them as an individual, their staff and their business.

As for knowing when the time is right to hand over the company?

As an entrepreneur, you’ll have watched your business grow — perhaps way beyond your expectations.

But think back to those early days: the drive, the vision, the dream that you had. Over time, it’s natural for that spark of motivation and inspiration to fade. That’s the natural evolution that growth, success and scale bring.

It might have been quite the journey, but this spark fading tells you that it’s time to step away from this particular venture.

We understand this road that entrepreneurs and their businesses journey, as our mentors have been there themselves.

Now we’re looking to expand our mentoring franchise in the UK, supporting more SMEs to find success. Request our information pack here

Last time we took a look at the Growth phase. Missed it? Read it here.