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When you start your business, the focus is naturally on set up, growth and profits.
However, it is also essential to have an organised business plan that includes what you might consider when selling your business.
Here is some advice on exit planning.
Imagine you are the founder of your business (typically a limited company) and it is entirely dependant on your skills.
However, you want to leave the industry, but to all intents and purposes, the business ceases to exist.
Some examples of such businesses include freelancers, consultants, tutors, painters, carpenters, and so on. However, even companies with a few employees who depend greatly on the founder can have this problem too.
Needless to say, businesses that are owner-managed but are sustainable in their own right will have a higher value to potential buyers.
Most businesses are somewhere in between the two examples mentioned above.
So, with some help from us and your forward planning, it should be possible to move your business towards becoming sufficiently self-sustaining so you can sell it when you are ready.
Unfortunately, there is no such thing as a simple exit plan.
It is not just a case of setting up a company, making it bigger, more profitable and selling it on.
There are a few types of exit plan:
Keywords: Exit Planning