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Business Succession Planning – What to think about

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At some point most local business owners will be thinking about exiting their business. Planning early and aligning with what you want from life is an important step to take.

At some point most local business owners will be thinking about exiting their business for a number of reasons it could be it’s time to retire, someone has made an offer to buy, or it’s time for a change. Planning early and aligning with what you want from life is an important step to take.

What’s your plan, for example, if you want to sell the business to retire? You will need to think ahead of the game about how to add value to your business so when the time comes it gives you the value out you need.

Types of business succession or exit could include:

  • Selling the Business
  • Passing on the business to other stakeholders including family
  • Merging
  • Closing down
  • Liquidating
  • Or in some case even forced closure.

Each has different considerations and it is a good idea to think about how you wish to exit your business early on. What’s your plan, for example if you want to sell the business to retire you will need to think ahead of the game how to add value to your business so when the time comes it gives you the value out you need.

It’s important to plan ahead after all for many local business owners their business will have been a major part of their life, what are they going to afterwards, did they get what they wanted and how big an emotional wrench is the change of ownership.

To explore all options for you (your personal goals) and your business why not call our Be Better Off team on 02 4860 4000 and have a chat through your options.

You can get some good tips at the Business.gov website here: https://www.business.gov.au/info/exit

This is general information only and should not be relied upon as financial product advice. You should seek independent advice before taking any product or service.

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