Nobody likes to think about it, but it is inevitable that one day you will leave your business.
Whether you decide to sell your business, retire or leave due to health reasons, its important that you do everything you can to plan for the day that you walk out the door for the last time.
A business is usually the most valuable or second most valuable asset a business owner will own.
The value of the business will depend on many different factors – some internal and some external. External factors are largely out of your control. Internal factors are things that can be planned for or improved to help maximise the saleability and value of a business. They may include recent business performance, systems and procedures, financial records, customer credit terms, product or service lines, profit margins, and software.
A succession, or exit plan outlines who will take over your business when you leave. A good succession plan enables a smooth transition with less likelihood of disruption to operations. By planning your exit well in advance you can maximise the value of your business and enable it to meet future needs whether it be acquiring a new business, building on your retirement funds, or taking a world trip.
To discuss the plan or strategy for the eventual exit of your business, call Brett or Matt on (02) 9531-0922.