Can I Really Run My Own Business?
You will more than likely be suffering from a number of doubts as to your capabilities in running a business of your own, this is common as an MBO is a big step to take. It is important to be confident in your team’s abilities and to convince funders that you are the right team to provide financial backing to. You may want to ask yourself the following questions:
- Are you and your team sufficiently experienced?
- Are you committed to seeing the transaction through?
- Do you have a clear vision or strategy to take the business forward?
- Will you be able to step up your role in the business in respect of dealing with staff and other stakeholders?
- Are you able to access some personal capital to invest?
In addition to looking at yourself and your team, you should also decide whether the company is a viable business going forward, does it have good prospects and are your plans going to improve its current trading position further? What are the risks facing the business and do you have a strategy to address or mitigate these?