The sooner you begin thinking about life after your business, the better prepared you will be for that day and the more likely it will happen on your terms. Here’s what you need to consider when putting yours together.
There are benefits to running your business in partnership with a friend or family member, this could mean it was established with only the bare minimum of documents. Though this may not currently present an issue, it can cause succession headaches later.
The sale of your business is the culmination of many years of hard work, so you’ll want to ensure you do everything possible to maximise its value in the lead up to this point. Consider these six tips now, as you continue to work toward its eventual sale.
When you’ve worked hard to build your business, you want to ensure that when the time comes to transition out of it, it’s passed on in the way you’d like. For sole traders, the greatest succession threat that must be managed is key man risk. Here’s how to do it.
In the day to day running of your business you may not have had time to consider how you’re going to exit it. But you really should, as it will affect how you run it.
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