Top 5 Tips For Planning Your Business Exit
With 61% of employing small business owners in Australia approaching retirement age, we can expect a considerable shift in small business ownership in the coming years.
A recent report released by the Australian Small Business and Family Enterprise Ombudsman shows the highest proportion of small business owners are aged between 45 and 59 years. As these business owners start thinking about retiring and exiting from their business, there are a number of considerations they need to take into account.
Whether it’s transitioning the business to a family member, a current manager, or selling externally to the market, creating a smooth transition to a new owner needs to be planned and should be considered at least 3 – 5 years out depending on the size and complexity of the business.
Here are our top 5 considerations for planning your business exit.