Business Aspects Magazine discussed the issues and opportunities arising from the young breed of entrepreneurs with Paul Dodgshon and Alexandra Dodgshon of Uscita Solutions. For over 10 years, they have been helping young business owners prepare their businesses for sale.
What is the Make Up of the Young Entrepreneurs that you Assist?
“Young entrepreneurs approach things in a different way to people facing retirement age. They invariably like the cut and thrust and the thrill of establishing a new business. They like the challenges that brings and they like to see the success of that business launching and becoming profitable.
What Challenges Do Young Entrepreneurs Face?
“What young entrepreneurs enjoy less than the cut and thrust is the running of the business on a daily basis. So those young entrepreneurs tend to sell their businesses quite early in the process. That might be three to five years after being established. That provides us with slightly differently challenges by way of the financial performance of the business and the fact that it is still growing at that time”.
For those younger entrepreneurs, we need to be working with them almost from the time they’re setting up in order to make sure that they are fit as possible for a sale when they are those five or ten years down the line.
How Have Young Entrepreneurs Changed Over the last Decade?
“We think there’s been a notable change in the market recently. The younger entrepreneurs that we see now are actually looking to build the business for value. This is more noticeable in the technical and media industries where they actually have a very clear goal about what they’re trying to achieve. It’s very important that, at an early stage, they seek the right advice to getting their business model right.
One of the hardest things, as you’re building such a business, is to get your cash flows and make the business investable and attractive to buyers as soon as possible. This not only helps you with the eventual sale but also helps you with any fundraising that you may be seeking to do while you’re still running the business and moving it towards the eventual exit.
If you are a young entrepreneur and would like discuss your business options, please call Uscita Solutions on 01605 535020 or visit uscita.co.uk