You’ve worked hard to build a growing, thriving business – probably facing many ups and downs along the way. But what lies ahead? Perhaps as you’ve become ever more successful over the years, you’re thinking that future growth may stall, and now you’re looking for new ways to expand your business opportunities.
That may require some major changes. One step could be to acquire an existing business and merge it with your own. Another, perhaps less risky, strategy would be to engage in a joint venture with another company – especially if there’s significant synergy between the businesses so they can grow together.
Or maybe you’re considering your personal goals and making changes in your own life by selling your business. Your best move might be to take your assets out of the company that you’ve worked hard to build, and use them to retire, or even take on the challenge of starting a new business.
Whichever option you’re considering, think carefully before you make a move. Each approach can have a major impact on your business – and there are some serious pitfalls to avoid if you want to successfully meet your goals.
If it’s getting difficult to gain organic growth for your business, why not buy new growth instead? Acquiring another business could be an excellent opportunity to take advantage of new distribution channels, expand into new markets, gain access to new technologies and products, or acquire talented employees – all of which can help you fuel future growth.
Teaming up with another company can help you enjoy some of the benefits of an acquisition without actually purchasing a business. A joint venture with another business could allow both of your companies to better leverage their own strengths, eliminate possible weaknesses, and cooperate in a way that adds more value to both businesses.
Is it time to cash out and sell your company? That’s a difficult decision. Once you’ve sold your business, there’s no going back. But selling your business, especially in an economic climate where it may be in high demand and command a premium price, gives you the opportunity to take equity out of your business and use it to meet your personal goals – or choose to stay involved in your business as a senior leader or advisor.