From Open All Hours To Planning An Exit – Making Time To Move On

Although all owners make plans for the operation of their business, many delay or don't have time to plan for their personal exit, sale or succession.

Even setting aside one hour a month can help achieve a smooth transition, maximise the eventual proceeds, raise awareness of potential tax liabilities and reliefs, keep all the family happy and, most importantly, reap the value of your efforts.

Will you sell?

With a sale, the sole objective is who will buy and for how much. The focus is on maximising value. Remember that you may not be able to walk away after a sale. The purchaser may pay partly in shares, loan notes or 'earn-out' proceeds, based on future results. The more the business is linked to you and your personal skills, the more the purchaser may want to retain you for one or more years' of employment post-sale.