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Be in control of your exit strategy

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Be in control of your exit strategy

By , June 18, 2019
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The reality is, every business owner will exit. The variables are when and how; either under your control and management with a strategically planned exit, maximising business value, ensuring the business is successful and stakeholders are all looked after and you get to retire comfortably, or dragged out unwillingly or carried out in a box – see The dangers of leaving your business exit and succession plan too late blog.

Obviously, the most successful exits are well planned, not rushed and are managed by allowing the owner to exit on their terms at the most suitable time.

Success in Business Succession and Exit planning means being able to perfectly time and align three important components – the business (management, finances, growth, and funding), the finances of the owner (investments, asset protection, CGT, SMSF) and the owner (retirement, lifestyle, hobbies, life after business).

The issues – founders who hold on too long, businesses which are poorly prepared, a management team which is not incentivised to run the business after the owner exits and assets both inside (think premises) and outside the business (think SMSF) not being in the correct ownership structures.

Craig West

Craig West

Managing Director | Succession Plus

Craig West is a strategic accountant who has over 20 years’ experience advising business owners. His background as a CPA in public practice, provided invaluable experience in the key issues of concern to business owners. Following 6 years of study to gain two masters degrees, Craig focused on Capital Gains Tax (CGT) for business sales advising on strategic management of tax issues. This experience formed a very strong view that business owners (and often their advisers) were unprepared and unaware of the steps required to prepare a business for exit.

Craig now acts as a strategic mentor for mid-market business owners and has written four critically acclaimed books on employee incentives, succession planning, asset protection and exit strategies. Craig has conducted numerous seminars and keynote presentations throughout Australia & internationally, including adviser education programs for the Institute of Chartered Accountants and CPA Australia.