Preparing your business for exit
Although you may not intend to sell your business for some time, it is important to plan carefully for this eventuality.
Indeed, creating and putting into practice appropriate strategies at each stage of your business life is crucial if you wish to obtain the maximum reward for taking the risks inherent in being in business.
Every business owner should develop a personal exit strategy.
Important issues to consider may include:
- Passing on your business to your children or other family members, or a family trust
- Selling your share in the business to your co-owners or partners
- Selling your business to some or all of the workforce
- Selling the business to a third party
- Winding up
- Minimising your tax liability
- What you will do when you no longer own the business
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