All Businesses Need an exit plan.
Planning for the day you leave your business is almost as important as a plan to start a business. Whether you decide to sell up, retire or have to get out of business due to health reasons, it's important that you spend the time with your family, your business partners and advisors to plan what you want to do. A good succession plan enables a smooth transition with less likelihood of disruption to operations. By planning your exit well in advance you can maximise the value of your business and enable it to meet future needs.
Estate planning is a subject that people don’t like to think about but it is just about ensuring peace of mind. It is about making sure that the assets you have now are passed on in the manner you wish. Developing an effective estate plan will ensure that: - Any tax payable is minimised - The ownership of assets passes to the right beneficiaries - The assets are protected if any beneficiary has any legal issues
Valuations as a Starting Point
Business valuations is a complex area in accounting. Most business owners would not have any idea on how much their business is worth., or believe it is worth more than it really is. A Business Valuation is a starting point to help with you exit strategy. It will give you an indication as to what your business is worth today. When you compare this to you exit strategy proceeds requirements, a plan can then be developed to assist you achieve your desired goals.
Do You Have An Exit Plan?
An exit plan helps you formalise your ideal position and process to exit your business.