As effect of the economic downturn continues
to take a toll on many business owners in the country, business experts have
urged entrepreneurs in Small and Medium-sized Enterprises (SMEs) to build exit
strategies – from the grip of the recession – into their business models which
will prevent withdrawal from their businesses.
They said exit plans encourage entrepreneurs
to run their businesses according to best practices including tax and other
regulatory policies which, among other things, will help them to properly value
and sell it for the best price.
They spoke in Lagos at the Compex Africa
Business Exit Forum which brought together business buyers, sellers and other
stakeholders to discuss the exit options available for SMEs in the country.
The speakers included Ukachukwu Obinna, Head SME Banking Stanbic IBTC; Damilola Aloba, Associate Director,
Ernst & Young; Collins Onuegbu,
Director Lagos Angel Network and Founder, Signal Alliance and Ikechukwu Ubahakwe, Partner, Astute
& Young.
Business exit plans, they added, provide
incentives for people to engage in entrepreneurship knowing that they could
someday cash out big and eventually, they channel part of their newly acquired
wealth, time and experience into other ventures with economic benefits.
In his presentation, the Associate Director,
Transaction Advisory Services, Damilola
Aloba said: “To tackle recession, your business
plan must be exceptional in order to attract and convince clients.” Explaining
the basis of the forum, Onuegbu said: “Compex Africa
has been campaigning to create an asset class of people who start businesses,
exit them successfully and maybe start another line of business.”
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