Leaving Your Business
Are there only two certainties in life? Death and taxes ? If you own a business, there is a third. One day you will want to exit. Nobody likes to think about it, but it’s inevitable that one day you will leave your business. One of the biggest threats to small businesses in Australia in the next decade is for baby boomer owner/managers to plan a successful exit from their business. Whether you decide to sell up, retire or have to get out of business due to health reasons, it’s important that you plan for that day. Being prepared for this will:
Succession doesn't happen by accident. Whether you are looking to transfer control of the business to family or staff, it is important that the transition is sensitive and structured ensuring the preservation of as much of the wealth is possible. Inform can help you prepare your business for transition and coordinate with all parties involved ensuring all needs are met and that implementation is smooth and successful. Register on right hand side for our Free Exit Planning Checklist.
If your business has been successful, it is probably due to the time, effort and money you have invested over the years. Now is to time to recoup that investment. If you have decided not to exit through succession, but through a sale of the business, preparation is critical to achieving the best possible return. The decision to sell and how you go about the sale will be one of the last business decisions you make (for this business), but it will also be one of the most important. Selling a business requires careful planning. You’ll need to come to a realistic conclusion regarding the worth of the business, and you’ll want to determine the best time to sell in order to maximize that worth.
It’s a sad fact that some businesses will not find a willing buyer and the doors will simply be closed. By engaging outside support early enough, you should be able to avoid this unless the business is in really bad shape. But if this is the only option there are a number of things you will need to do depending on the structure of your business. Inform can work with you to ensure you address all requirements of the business closure and are best positioned to maximize the return after the sale of assets and payment of debts.