Where might we have heard the following statement?
“Begin with the end in mind.”
The 7 Habits of Highly Effective People by Stephen Covey
In the context of business strategic planning, this statement has a great influence on all of your decisions going forward.
1. Ultimately sell your business?
2. Take your company public?
3. Acquire more businesses like yours?
4. Expand your business internationally?
5. Start another business as a division of, or as a subsidiary of your primary business?
6. Merge your business with someone much larger?
7. Close and retire when you are done?
8. Pass on the business to your children, spouse, or loyal employee?
Or, any combination of the above.
The time to consider which direction(s) you are inclined to take is now.
Clearly, however, you can always change your direction at any point. You are not irrevocably committing to anything right now in general. You are free to change your mind continually.
This means, however, that the contracts, business entity and path of your business must take your possible direction(s) into consideration as you put together the contracts and agreements today! When you get to your destination, whatever that is at the time, must be appropriately protected with strong contracts and documents.
This area of thought is a part of a strategic plan that you need to have in place at the earliest possible stage of your business process.
Preparation, Review & Negotiation
Consulting And Planning
And Deal Planning And Structuring
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