Your business has expanded, and you are reaching the height of your success in your market. This could be the opportunity to cash out on all your effort and years of hard work, or it can mean shutting down the business. No matter what your decision may be, there are critically important steps you must take to ensure you optimize the value of your business.
The greatest concerns of a company entering this stage are, first, to consolidate and control the financial gains brought on by rapid growth and, second, to retain the advantages of small size, including flexibility of response and the entrepreneurial spirit. The corporation must expand the management force fast enough to eliminate the inefficiencies that growth can produce and professionalize the company by use of such tools as budgets, strategic planning, management by objectives, and standard cost systems—and do this without stifling its entrepreneurial qualities.
The company has now arrived. It has the advantages of size, financial resources, and managerial talent. If it can preserve its entrepreneurial spirit, it will be a formidable force in the market. Several factors, which change in importance as the business grows and develops, are prominent in determining ultimate success or failure. We identified eight such factors in our research, of which four relate to the enterprise and four to the owner. The four that relate to the company are as follows:
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“You need to be surrounded by good advisers, but you also need to trust your instinct.” – Chris Hughes, Co-founder of Facebook