How do you exit a business?

Nov 8, 2017 | Uncategorized

Leaving Business

Are you thinking about leaving your business, either through retirement or starting a new challenge? How do you exit a business? When should you start planning for this and where do you start?

Here are our 7 Top Tips for making succession planning more palatable and 1 must do now!

  • Develop a strategic plan for the business.
  • Ensure all directors/owners have a personal retirement plan in place.
  • Enlist the help of an outside consultant to help in the succession/departure process.
  • Shortlist any possible successors from inside the business or decide whether you need to look outside.
  • Develop a personal and professional plan for an internal successor.
  • Look again at employees and develop career paths for other key members of the team.
  • Communication is vital to team morale. Ensure all team members are aware of impending changes and how they will be affected by them

Attend the next Accelerator Club on the 15th November and look at this in greater detail. Whether an established business or a sole trader. It’s never too late to start planning the future. Book here today!