Be in control of your exit strategy
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.