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Exit Strategies/Succession Planning

How hard are you working right now and who will benefit from your efforts and the risks you are taking?  Will your retirement be long and comfortable and will your family share in the fruits of your labour?

Only you personally, as the owner manager of an independent business, can determine the outcome when you decide to sell or pass on your business and reap the rewards that you deserve.

Ideally an exit strategy for an owner managed business should be thought about when you set up the business but it is frequently left as a question to be tackled in the future.  There are many reasons to put off making difficult decisions however a good succession plan can ensure that the owner has the funds for retirement and that the business continues to thrive in the hands of the next generation or sold at a good price.

Do not underestimate the emotions involved of leaving a business and letting go.  This aim is to achieve a successful exit and eventually you will have to be dispassionate.  There are many reasons for letting go and some are controlled such as retirement, the conclusion of a plan - this could include a startup, or a change in lifestyle or priorities.  Some reasons are un-conrolled such as ill health, disputes or a forced sale.

You will need to be aware of likely exit routes such as trade sale, MBO, MBI or family and create a set of objectives.  Then put in place a strategy for achieving those objectives.

If a sale is anticipated you will need to put yourself in the place of a buyer who will see the value in the business itself rather than the owner.  This means that the buyer will expect to see a strong management team in place.

At Morgan Potter Consulting Ltd we specialise in providing advice to business owners on succession planning and managing successful exits. We know from experience that many business owners, as they approach retirement, find that they have left it too late to optimise their return on investment.  We urge you to act now to avoid disappointment later!

We can help you to ensure that your company has a significant sale value and meets the expectations of prospective buyers.  In association with a specialist firm of solicitors we will guide you through all aspects of your exit strategy, covering personal objectives, the process, the law and taxation.

Please call now to arrange a confidential meeting, free of charge and without any obligation on your part.  Let’s make sure there’s a big pot of gold at the end of your rainbow!

See the Blog section for more information and for a free downloadable presentation please click here

 

 
 
 
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