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Would you be surprised to know that when Business owners were asked 'what is your Exit Plan'? many replied, I don’t have one or it drew blank faces.

Are you a Business owner, if asked this question what would your response be? 

As a Business owner you might think this is something to think about in the future, longer term, not now.  BUT, if you are like most and have a ‘dream’ of retirement an Exit Plan is a way to make that dream a reality, by taking steps to bring it to fruition.

Let's start the conversation with a simple explanation of what Exit Planning is all about!  

In simple terms, an Exit Plan is developed as a guide to determine when your Business is ready for you to ‘exit’, that is, to retire, sell or move the Business to someone else.

Your Exit Plan provides Strategies outlining the steps to address all aspects of what is needed for the transition regardless of the reason for departure. A well thought through plan is flexible enough to allow for unforeseen events, contingencies to respond to those circumstances beyond your control. 

Ideally, this planning begins in advance, but it is never too early or late to start. An example, 5 years provides sufficient time to prepare.

Exit examples include Succession; Selling; Closing down, Liquidation. 

Some common reasons for exiting are:

• an offer for the Business that is too hard to refuse;
• it’s time to retire;
• it’s time to pass on the Business to family or interested parties;
• the return on investment is too low so the owner wants to try something else.

Contact Blackburn Accounting to start your Exit Strategy Plan today. Click here: contact us