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.
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.
Planning ahead to exit your business should start from day one, to ensure you build a valuable and saleable asset. There are many important aspects of succession planning, so start ticking these off your list now.
As a small business owner it can look as though you’re a superhero, and sometimes you can even feel like you’re superhuman. The cold and hard fact is you’re not.
An SME owner’s departure from the business is inevitable, so plan your exit strategy and succession in advance, if you want to leave under the best possible conditions. Bill Hovey, CEO of the Linchpin Group Australia, shares his extensive knowledge and expertise to help you prepare an exit strategy. Regardless of the size of your […]
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