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How to create an exit strategy for your business
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An exit strategy is a plan for selling or transferring ownership of your business at some point in the future. Having a well-thought-out exit strategy can help you achieve your personal and financial goals. It will also ensure a smooth transition for your business and employees, when the time comes. Here are some things to think about if you are planning an exit or succession strategy:
- Determine your goals: Consider what you want to achieve from the sale of your business, such as financial security, retirement, or the pursuit of new opportunities.
- Consider your timing: Consider when you want to sell your business and plan your exit strategy accordingly.
- Seek professional advice: As chartered accountants and business advisors, we can help you plan for your own future and that of your business. We can help you consider everything that might be needed to meet the due diligence requirements of a potential buyer and we will also discuss appropriate timing.
- Create a detailed plan: Develop a detailed plan for the sale of your business, including a timeline, financial projections, and a list of contingencies. Planning towards an exit is something that should ideally be started at least 3 to 5 years before you intend to do it.
- Evaluate your business: Assess the value of your business, including its strengths, weaknesses and future growth potential. Again, this is something that we can help you with.
- Identify potential buyers: Consider who may be interested in buying your business, such as employees, competitors or private equity firms.
- Plan for succession: If you plan to transfer ownership to a family member or employee, consider how you will prepare them to take over the business.
It is never too soon to start thinking about succession planning and exit. If you would like to talk about this in more detail you can speak to one of our team on 01423 222710
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