Establishing an exit strategy at the beginning of a business’s life is always a smart move. However, allowing that plan to stagnate over the years could be devastating should an unplanned downturn occur. The transportation industry can be a volatile place, and one small downturn on any level could spell disaster for those not prepared. On the other hand, regularly polishing your exit strategy could mean standing strong while competitors watch their business crumble from the inside out. Here are some tips for maintaining a good exit strategy, whether you’re in the transportation industry or another sector entirely:
Adaptability is the key to success in any industry, especially the ever-changing world of transportation. Success hinges on being able to make strategic choices based on current trends in your specific industry, so static business models are outdated. Choosing a model that changes every 6 months may be extreme, but regularly updating a short plan is far better than sticking to a 10-year plan.
Consider Short Term and Long Term
Developing a long term plan is good, but your industry has likely changed since you created your plan. Your plan should change right along with it. It’s therefore a smart option to also have a short term plan in place, as these plans are easier to change than long term ones. It’s crucial to recognize that your business will change, even before it changes hands. A plan that accounts for these changes allows a business owner to maximize rewards regardless future circumstances.
Staying active in the exit plan of your business strategy ensures the health of your business in the years to come. Enlisting the help of industry experts won’t hurt either. The Tenney Group can offer the guidance you need to shore up any transportation business against a faulty exit strategy, and their team of experts assists transportation business buyers and sellers through every step of the buying and selling process- from initial price estimates to completing the closing legal paperwork. With over 35 year of experience and staff with unmatched expertise, no one is better equipped to help you through your next sale. For more information on why Tenney is an industry leader, visit thetenneygroup.com.