When it comes time to transition out of your business, you want to do it on your own terms. Planning an exit strategy requires careful consideration of the options available, and thorough planning is essential. The goal is to ensure your business is in the best position to reap the benefits.
Key questions to consider during the process include:
- What exit strategy is best for you and your business?
- Should you consider an external sale, a transition to family or management, private equity or another option?
- If you manage a family business, will family members play a role when you step away?
- Have you positioned and structured your business to get the best value from a sale?
- Have you considered the impact of a sale on your personal wealth and how you will manage it?
- How will the path to exit be managed?
- Do you know what risks could eventuate and how you will handle them?
- How will you identify and attract a potential purchaser?
Proactively planning your personal and business exit strategy – even if it’s not implemented well into the future - will give you more clarity, consistency and direction on how to best achieve the result you desire. It’ll also ensure any decisions you make are best for your business: minimising risk and maximising value.
BDO can work with you to effectively plan an exit strategy. We can help:
- Assess the saleability of the business
- Optimise the sales process to maximise value
- Identify purchasers
- Structure the sale
- Advise family on business transition
- Prepare for succession planning
- Provide private wealth advice.
Ensure your exit strategy realises the full value of your business. Get in touch with a BDO adviser today.