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.