Exit - Stage Right

Posted 31 Jul '24

Exit - Stage Right

It takes a lot to start a business. Few business owners start with exit in mind. You start with a dream and the tenacity to make it real, and make it grow. When do you start thinking about what you want to happen when you retire?

When you are no longer involved, whether it is planned or unplanned, what happens to the business? Assets? Clients? Employees? The dream and the hard work that made it real?

Don’t let your exit strategy happen by accident. Start your thinking early by considering these options:

- Successors: Family members? Your team? Franchisees? A few key people motivated to form a partnership? Who is interested? Who has the potential and passion for it?

- Ready to sell: If selling is your best option, is your business market ready? To achieve the best price, you need your business to be in the best shape. Analyse it from the point of view of a potential buyer. Is there clear documentation on business processes and performance? Is your business performing at peak? What needs to happen and what’s a realistic timeframe?

- Alternatives to exit: The idea of retiring bores you to snores. Retain an interest in the business. Share the knowledge you’ve built up, have the satisfaction of seeing the business continue to grow and discover the lifestyle you could have now that you have more time.

We are able to help with your business succession plan. Start the conversation with us today.

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