I want to exit my business
Contact us for expert advice regarding your exit strategy
Planning for the future doesn’t come naturally for some, but you must prepare for exiting your business as early as possible.
Executing a well-thought-out exit strategy can increase your sale price and ensure the business continues to thrive after you’ve left.
There are several reasons you may want to exit your business. You may have set a goal of retiring by a certain age. It may be better for your health. You may have inherited the company and don’t want the stress, or you may be an entrepreneur looking for your next challenge.
What are the steps you need to take to exit my business?
- Plan as early as possible – You need to think about what you want to get out of your business in the long term and how you will go about achieving that. The earlier you start, the longer you have to implement changes and achieve your goals.
- Take a step back – When you prepare for the sale, you must take a step back. Delegate your essential functions so that the business can continue to thrive when you are no longer involved. Write down ‘how to’ guides so that a stranger could pick up the reins and run everything.
- Sort out your finances – When looking to sell, the new buyer will want to look at the last couple of years worth of accounts. You should ensure they are in order and the business looks attractive to potential buyers.
- Get a business valuation – Before you look to sell, you must know what your business is worth. This will make it easier to negotiate and complete a successful sale.
- Review potential buyers – Review any potential buyers. It would help if you looked at a management buyout, competitors, suppliers and customers.
Remember, anything you do to benefit your future buyer will also help you. You’ll have a more efficient, profitable and easier to manage business.
How can we help?
- Selling your business – We can help you maximise your business’s value so that you get the most significant return possible when you sell.
- Management team employment – We can help you introduce an effective management structure and advise you on management team buyouts.
- Passing your business to a new generation – We can advise you on the best strategy for passing down your business to your children. How to involve them early on and ensure they have the support to take over successfully.
It’s never too soon to start building a business exit strategy. Speak to your accountant or business advisor today. Or contact us, and we will help you minimise your tax and maximise your profit!
Heath Vets, Cardiff
Ensure your accounts and taxes are managed properly. Contact us to get professional and experienced advice from our team.
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