Exit Your Own Business
When it comes to moving on from your business, it is essential to understand its true value. A well-prepared exit strategy can maximize your returns and ensure a smooth transition for both you and the new owner. Take the time to evaluate your options and seek professional advice to make informed decisions. Your business deserves the best possible future!
Exit Process
Leaving your own company is a significant decision. The business has probably been an integral part of your life for a long time. Before you start planning your exit, find the right "advisor" to advise you . It is essential to plan your exit carefully, starting with a conversation with your Senior Team about your departure. Make sure to provide a formal resignation letter and offer to assist with the transition. Finally, professionalism to leave on good terms and preserve future references.
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You need to be "Fit" for the journey
You will need to be ready to support your energy levels for this journey. Minding you Physical, Mental, and Emotional energies will be important.
Maximise Return
When leaving your business, it's essential to plan strategically ensure a successful transition. Start by preparing your team and stakeholders for the change, communicating your decision clearly and transparently. Consider selling your business or finding a suitable successor to maintain its legacy. Finally, ensure all financial matters are settled, so you can maximize your return on investment as you move on to new ventures.
Succession Planning
Succession planning is a vital process for any organisation, ensuring that leadership continuity and talent development are prioritised. Investing in succession planning not only strengthens the organisation but also fosters a culture of growth and opportunity.
Make sure you the right talent in place.
Course 6: Exiting Your Business - Tips
Course 6 - Exiting Your Business
"A well-prepared exit strategy can maximize your returns and ensure a smooth transition for both you and the new owner."
​​​ 5 Tips: How to Exit Your Business
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Do you have an Advisor/Expert?
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What does "success" look like?
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What are your fears? Why?
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What do you think you will miss most?
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How to "lean in" to the "exit" process and then embrace the future?
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Preparing your business for disposal on retirement
It isn’t all about the financial value being realised but it is important to maximise the value on disposal.
Set the retirement date in stone. See Tips below from Gerry McNally,
1. "Determine your personal financial needs for retirement, considering living expenses, healthcare, outstanding debts, and desired lifestyle.
2. What will retirement look like the day after your retirement date.
3. The process must start 3 – 5 years before the planned retirement date. Key targets must be established through each stage of the process to ensure the retirement date is achieved.
4. To maximise the value for the business, the business has to be less “you dependent”. Processes and systems must be in place. The intellectual property needs to be documented, not in your head.
5. Prepare detailed documentation to demonstrate the business can operate smoothly without your direct involvement.
6. Who are you selling to ? Third parties ? Internal successors ? family ? Be clear how you want to manage the sales process – yourself or via business brokers.
7. How can you minimise the tax take on the disposal of your business.
We can work with you every step of the way from the initial decision to retire through to your retirement date not only to maximise your financial return but make your retirement be everything you want it to be"
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Words of Wisdom
"Successfully selling a business is not just about closing a deal; it is about opening new opportunities. With the right preparation and strategy, you can turn your vision into a rewarding reality."