Planning to Exit Your Business Most businesses understand the importance of a business plan; without it there is no clear path to growing sales and profitability. Fewer business people understand the need to plan to leave their business. Evolving your business – and your life – means that one day you will need to realise the value of your business. It’s a rare person who simply wants to close the doors and walk away from all that has been built up. When you retire, in the event of your untimely death, or if a crisis requires that you move on, your business should be a valuable part of your assets. Adding Value Planning for your own exit from your business involves having a business succession plan. If the business is to be sold, it needs to be as attractive as possible to prospective buyers, who will, in part, assess the business on how quickly they can settle in and make money from it. A robust exit and business succession plan will help increase the value of your business. Affinity Accounting Plus advisors believe that it’s a good idea to build your exit plan into your business plan from the day you start your business. At a minimum, you should develop an exit plan two to five years before you plan to leave the business. As the owner or senior manager of the business, you should own this strategy and have a team who will contribute to and execute the strategy. Consult the Experts Few businesses have all these skills in-house, and you should consider outsourcing expert help. This will add significant value to your business and will also give you peace of mind that an emergency will not put the business in jeopardy. Affinity Accounting Plus has personnel who are highly skilled in exit planning. Specialist exit planners undertake intensive courses to gain qualification in this field. It’s a reminder of the skills that are required to help business owners maximise the value of their business for when it’s time to move on. A little planning now can make a large difference later, particularly when the equity in your business will fund the rest of your life. Business Danger Zone Affinity Accounting Plus believes that considerable financial disorder can result from an unorganised change in company structure, and this can seriously damage the company’s viability. They have developed specific planning processes and tools to help you incorporate exit planning into your business plan. Once the plan has been created, it should be updated as often as the company’s business plan is reviewed.
Affinity Accounting Plus also offers emergency transitioning services; while these assist businesses through major change, longer-term planning is still the best approach. Affinity accounting plus advisors believe that a robust exit plan not only adds value to the company for sale purposes, it also helps drive a strategy that is focused on maximising the companyâ€™s ongoing performance. Visit http://www.affinityplus.com.au/ to learn more about Affinity Accounting Plusâ€™ exit planning services. http://www.affinityplus.com.au/