For Every Business Owner
Who Deserves The Ultimate Pay Day
ATTENTION BUSINESS OWNERS:
Do You Have An Exit Strategy?
Would You Like To Sell Your Business One Day?
How Much Is Your Business Worth and …
Will Someone Buy It?
For Business Owners who want to maximise the sale value of their
business, retire with more cash in the bank… and enjoy more
lifestyle choices… the time to act is now!
Business Transition Planning
When it comes to be time to transition your business into other hands, will you be ready? This is a most important question that every small business owner needs to have an affirmative answer for.
If you are not going to simply wind up your business or sell it on when you can no longer continue to run it, then you will need an effective transition plan as part of your overall exit strategy.
On the topic of exit strategies, that is something else you’ll need to think about as well, however the exit strategy involves much more than just your transition planning. Your transition out plan is only looking at what happens to the business after you leave. Your complete exit strategy is more concerned with what happens to you when you leave the business.
Why transition planning is so important
You may already have some idea of who will be your successor to run the business once you’ve made your exit from it. But have you thought about how prepared that person is to take over? Or if they even want to do so?
You worked hard to build up a successful business, and most people hope to see what they’ve created be passed onto the next generation of their family. Unfortunately not everyone has what it takes to run a business and not everyone wants the responsibility that comes with it.
At the very least, you’ll need to ensure that whoever will succeed you is going to have the necessary experience and training they need for taking over the role. This is not something that can wait until it’s almost time for you to retire. You need to take care of it well in advance.
If you don’t make these plans early, then you can find that sometimes things happen very quickly, leaving you with no time and no choice. That puts a lot of stress on you, puts the business and its employees at risk, and can even put a strain on your family relationships.
All of these problems are avoidable, as long as you take of your transition planning before you absolutely need to make plans. Do it early while there’s plenty of time and plenty of options.
Help with transition planning
Given that planning to transition your business is such an important task, it’s not something you want to make mistakes with. Fortunately you don’t have to take on this responsibility all by yourself. You can get help from expert transition planning consultants from the Exit Strategy Group.
This Melbourne based business has been created specifically to help business owners develop exit strategies to take the stress and worry out of leaving a business behind, and also to help the business owner get the full potential of whatever the situation promises.
You can get started by arranging a free consultation, where you can get advice and ask questions that will help you with the important decisions you will need to make.
In addition to helping you with your transition planning, you can also discover more about developing a full exit strategy that will allow you to more effectively take control of your future, and be prepared for whatever might come your way.
Leaving a business can be harder than you expect. Often it is an emotional experience, and it’s certainly normal for people to feel a strong sentimental attachment to the business they have built and developed into a thriving commercial entity.
Your transition planning will make it easier for you because you are already mentally prepared for what will happen and you will have more certainty about what you can expect the future to bring.
Contact the experts at The Exit Strategy Group today to arrange your first consultation. It won’t cost you anything, and you’ll find out a lot of useful information that will be helpful to you in developing your plan to transition out of the business.
It sometimes can happen that the most competent person to take over is not necessarily a family member. Time and again it has been observed that a successful business can be run into the ground when the reins are handed over to a family member who is not capable. The question you’ll need to ask yourself in such a situation is whether the pride of having full executive control out-weighs the risk of the business folding due to incompetent management. If you are not totally sure that the person chosen to take over from you is truly going to be able to run the business competently, you may have to make the tough decision to grant them a financial interest only, while handing executive control to somebody more skilled in running a business. When you do decide to do things that way, it is important to also give the person you appoint to run the business a financial interest in it too, so you can be certain of their loyalty and commitment.
Transition Planning in Melbourne
For help with transition planning in Melbourne, consult The Exit Strategy Group. This company is the foremost expert on transition planning in Australia, with a long record of success in helping many businesses all around the country. The most difficult thing you’ll face as a business owner is the decision to leave the business. For most business owners, the business becomes very personal to them. Watching it fail from afar and not being able to do anything to save it would be a devastating experience. With the right help, you can feel much more confident about the future of your business as you transition out. Plan ahead and the business you have worked so hard to build will have a much better chance of surviving. Just as important is what you will do and how you will handle your life after your transition. Set up your appointment with The Exit Strategy Group today and get the advice you need to develop an effective transition plan.
Have you developed your transition plan?
When you are ready to leave your business, it is essential to have a transition plan in place. The days when people would just simply shut down a business on the last day of work are long gone, and that’s never the best way to wind up a business anyway.
What you really want to do is maximize the value of your business prior to exiting from it. Exactly what happens at that point depends on your goals and the circumstance under which the exit is made.
Multiple exit strategies, planned for multiple scenarios, is the ideal way for a business owner to plan ahead.
Many smaller businesses are family run enterprises, and the usual plan for transition is to pass on the control of the business to a family member. This isn’t always possible, however, and it’s not always in the best interests of the business or the family member.
It’s always important to think strategically and take the whole picture into account when developing plans for the future. Somebody who isn’t suited to running a business ought not to do so, and there are alternatives to doing so.
Making the right decisions isn’t easy, which is why it can help to have advice from an expert in business transitioning and exit strategies.
We can help develop your plan
The Exit Strategy Group, founded by well known author and serial entrepreneur Kerry Boulton, has Melbourne’s foremost experts on business planning and exit planning.
Sharing your goals with our team of expert business consultants will provide the opportunity to develop exit strategy scenarios for you, so you can be in complete control when it comes time for your business to transition.
Whatever the circumstances may be when that time comes, with a plan you’ll feel confident, and that’s definitely something worth having.
The really essential factor in determining business transition, if it’s a scenario where you’re not selling the business but rather passing on the torch to a family member, friend, business partner, or employee, is that you need to be certain the business will be in good hands.
It isn’t easy to evaluate that if you’re too close to the subject, which is why having independent advice can be helpful. The obviously important thing is that whoever will be taking over the running of the business will have the necessary skills, knowledge, and experience required to do so.
If you’re not totally sure of the person’s competency to handle the responsibility, the consequences for the business and its employees can be very serious. Therefore, you should never make such decisions lightly, but with all the serious consideration they deserve.
For more information about transition planning, contact The Exit Strategy Group today on 1300 394 878 and ask to set up a free consultation session.
The Exit Strategy Group can assist in working out how to calculate what your business is worth, how to value your business, business succession planning, how to sell a small business and transition planning.
In this breakthrough book, you will discover there’s more to a profitable
exit strategy than just selling your business…with answer to these and
many more myths believed by countless business owners :
Myth #1: I don’t need an exit strategy until I’m ready to sell my business
Myth #2: I can’t afford to dedicate the time involved with exit planning
Myth #3: The wealth of my business is defined by how much I earn
Myth #4: If I have a growth strategy, why do I need an exit strategy?
