Sell your business without being taken to the cleaners

by Mackenzie McCarty18 Mar 2013

“The ultimate goal of owning a business is to take profit from it while you are working in it and to walk away with money in your pocket when you no longer want to…It comes as a very unwelcome surprise to many business owners when they want to stop working in their business that is not worth what they thought it was or that it won’t continue to generate income for them when they take a more hands-off approach.”

The only available option they may then have, he says, is to close the business – and if they haven’t had a strategy in place to take profit from the business along the way, this ultimately means they may walk away with nothing to show for years of hard labour.

Pavuk says Nobody Else’s Business outlines the ‘seven deadly sins’ of being in business – the main one, he says, being a failure to properly understand your business model.

“It really comes down to understanding your business model and your cash-flow, understand how to finance your business, risk (both internal and external)… and how to protect your assets.”

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