Exit planning a key focus – NSW Small Business Commissioner’s 2011 Listening Tour Report
MANY BABY BOOMERS’ REPORTED BEING READY TO RETIRE ALTHOUGH THEY HAD NO DEFINED STRATEGY ON HOW TO EXIT THEIR BUSINESS.
7. Planning for the future
Succession planning and exit strategies were raised as a critical policy issue with the ageing population. Many ‘baby boomers’ reported being ready to retire although they had no defined strategy on how to exit their business. Concern was dominant in regional areas where family members are increasingly pursuing other options, rather than taking over the family business.
ACTION: The Small Business Commissioner will develop ways to help small business operators access the information and assistance they need to successfully manage exiting their businesses.
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