Exiting a business

Succession planning is a term used to describe the strategies you can employ to ensure your future business transition is seamless and yields the best possible return when you exit, not only for you as the business owner, but your customers and staff too.

Many small business owners plan to use their business as their primary source of retirement funding, so it is critical to know how to groom your business for a successful transition to new ownership.

Without a strategic approach to business succession planning, any value you have been able to build into your business may well retire when you do!

And even if you plan to be in your business for another 10 years or more, now is the time to put your succession planning strategy in place.

There are a number of innovative strategies you can employ now to get your business  "Exit-ready".

Important points to consider:

• allow enough time to plan and implement your exit strategy - maximising the value of your business takes time
• consider the most appropriate exit alternative for your exit requirements.
• identify and select suitable buyers - achieving the highest price may have a detrimental impact on staff and other key stakeholders
• surround yourself with quality advisers including qualified accountants, legal and taxation advisers.