Developing your exit plan
If there's one thing you can be certain of as a business owner, it's that at some point in the future you will transfer your business interests.
There are primarily four ways in which this will happen:
- Transferring business ownership to your children
- Selling the business to a partner or employee
- Selling to a third party
Planning your exit strategy will pay huge dividends both from a tax perspective and for the ultimate sale price that you could achieve.
To kick start this process, there are a number of important questions to consider including:
- What are your ultimate goals and when would I like to exit my business?
- If you're selling to retire, how much money do you need to enjoy the lifestyle you aspire to?
- How valuable is your business now and what can you do to increase its value?
If you haven't got a plan in place, don't worry you're not alone. Almost 40% of SME business owners have this as one of their most pressing unresolved issues for their business, according to a recent survey.
Taggart & Partners can help you with all aspects of the exit planning process such as:
For many people, a profitable exit represents a lifetime achievement and the opportunity to reap the rewards of many years of hard work. Contact us today on 07 3391 1188 to make sure you give yourself the best chance of optimising the value of your business and achieving all your personal goals.