It is inevitable that you will exit your small business, whether it is to move onto the next big idea, gain more of a work-life balance or retire. Having an exit strategy (or succession plan) will help to make the exit from your business easier and give you a much better chance at a profitable departure.
When you exit your business, you have a few options, exiting can be complete or partial and can take the form of:
In order to achieve maximum return for your business you need to start planning years in advance to prepare for the handover of a business.
How to make a small business exit strategy:
A small business is considered to be worth significantly more if it is not reliant on one person. The business should be able to run without you and a couple ways to test how self-sufficient the business is to:
In this day and age creating systems ensures there is a consistent image portrayed by your brand. Some aspects that you can consider systemising is:
Northern Business Consultants can help you with building your business for the best exit possible, for more information we have a free seminar on increasing the value of your business, book your ticket or find out more here. Alternatively contact us on (07) 3862 8777 for an obligation free consultation to see how you can ensure your business is ready for your exit.