Exit planning is essential if you want to obtain a higher value for your business.
There are essentially only two ways to leave a business and that is where you plan your exit or by default – illness or death.
It is axiomatic that a business can only be sold if there is a willing buyer.
There is always the possibility of an approach and you should always have an eye on an eventual sale. In our experience, the businesses that are prepared for sale are those that are sold for a higher price compared to those where there is no plan.
Obtaining a good price depends on many aspects and you the owner need to decide on when you sell as timing can be critical in achieving a higher value.
Exit planning avoids the risk of being under prepared when an offer comes in and a plan avoids the risk of selling at an under value.