Taking advantage of market conditions is a must. We have seen in the financial services sector in the past few years extremely favourable conditions for buyers with numerous adviser consolidators and private equity buyers with deep pockets looking to buy up and consolidate.
Looking at things from a more individual and personal level are things like, 'do I actually want to sell?' or 'do I want to keep working in a job and business that I love, and perhaps sell in a few years?'.
The alternative to working may be retirement, which is something that you just aren’t ready for and indeed dread. Against this you may have been working in the business for many years without getting cash out and really you do want money you deserve now, to enjoy while you are young enough.
In these circumstances there may be a hybrid arrangement available, which appears to be getting more common, and that is to sell part of the business now to an investor partner who is willing to put finance into the business to grow it faster while supporting you in your leadership role.
This will allow you to access capital to reward your hard work and progress made so far while keeping on building the business, and at a faster rate, with the additional finance, until you are ready to exit and taking a second, and hopefully, bigger payout.
Bill Vasilieff is chairman of the UK board of Soderberg & Partners and former chief executive and co-founder of Novia, which he sold in 2020
