Business exit strategies
When starting a business, few people will have a clear plan for its end. Nevertheless, it is essential to give early consideration to how you will make an exit from your business when the time comes.
Any form of exit strategy requires careful and early planning. Key issues that might form part of your exit planning strategy include:
- Creating a succession plan – ensuring a smooth transition to your successors, in accordance with your specific wishes
- Preparing your business for sale – including getting the timing the sale right, and gathering the necessary information for potential buyers
- Maximising the sale value – with such strategies as increasing sales figures, securing your assets, formalising any contracts and reducing liabilities
- After the sale – using the funds released to provide a comfortable retirement, or to begin a new venture
Besides the commercial realities and legal complexities, steps must be taken to ensure that you both minimise the tax liabilities and maximise your financial gains. These are areas in which we at Basra and Basra have a great deal of experience and expertise – please contact us for details.