What is Business Succession and Exit Planning?
Business Succession and Exit Planning is a strategic approach to assessing the most appropriate (and valuable) exit options available to the business owner and designing a strategic succession plan to achieve the preferred outcome.
The Succession Plan must be focused around 3 important factors:
- Exit readiness and value maximisation for the business;
- Personal and family wealth management to fund retirement and provide for future generations;
- Life after business – preparing the owner (and often their family) for what might be several years of retirement.
Focus on these three critical aspects should ensure we’re able to maximise the value of business, achieve a successful exit and guarantee retirement funding and peace of mind for the owner.
Interested in retaining your key employees?
Get your free ESOP whitepaper.