Exit Planning: Will you be one of the 100,000 SMEs predicted to close each year?
In 2013 a survey published by the Department for Business, Innovation and Skills found that nine per cent of small and medium-sized businesses (SMEs) would close over the next few years.
According to the federation of Small Businesses it equates to 468,000 firms shutting down in that time, equivalent to 93,600 each year.
Failure to Plan for the future
These figures show a great many SMEs are failing to plan ahead for the time when they want to call it a day. The good news is that it is not too late. If you, the seller, wish t0 increase the value of your business and make the sale as smooth as possible, succession or exit planning really needs to start well in advance of the retirement or sale date.
The ideal exit is planed through a sale. This option is more likely to provide the maximum value for the business.
In the words of Benjamin Franklin: “Failing to prepare is preparing to fail” and so I am very happy to have a coffee with you to show you how I can help you start on the journey.
Assynt Corporate Finance Limited, Chartered Accountants, is a member of The Corporate Finance Network. We access resources, particularly in the areas of advertising businesses for sale discreetly and accessing those lists for our clients who want to acquire business. The information contained in this briefing is based on information available as at 5th November 2017 and may be subject to amendment. It is written as a general guide and is not a substitute for professional advice. You are strongly recommended to obtain specific professional advice from us before you take any action. No responsibility for loss occasioned to any person acting or refraining from action as a result of any material in this briefing can be accepted by Assynt Corporate Finance Limited or its director.