Every business owner will eventually face the question of what happens next. Succession may be next in your business lifecycle if you are planning to retire, step back from the business, pass it on to family, or sell it. Having a clear plan in place can make the process of handing over your business less…
In the first part of our series on business succession, we explored the critical steps involved in planning for a smooth transition. Now, as we move into the execution phase, it’s time to put those plans into action. This stage is crucial for not just ensuring legal and financial compliance but also for fostering leadership…
There comes a time in every business lifecycle when succession comes more sharply into focus. Whether you’re planning on selling, passing the business on to a family member or winding up, succession planning takes time. While every business is different, there are five fundamental steps that we as accountants and business advisors discuss with our…
For many business owners, selling their business is a once in a lifetime experience. With no prior knowledge to draw on and significant amounts of money at stake, you’ll need to lean on your team for support and professional advisors to get it right. In this, the final article in our sale-ready business series, we…
Key matters to consider Creating a sale-ready business takes time. Time to implement the improvements you’ve identified to present your business at its best and time to complete the tasks which are additional to your day-to-day operating commitments. With limited hours in your day, you’ll also need to assign a support team to help.
Put your feet in your buyer’s shoes While healthy financials will attract a potential buyer’s attention, it will take more than that to convince them the business is right for them. You’ll need to prove the business can operate successfully, and profitably, once you’ve gone. Putting your feet in a potential buyer’s shoes will help…
In our experience, how you feel about your business can impact strongly on how you prepare for its sale and whether you achieve a fair price or not. If you’re keen to retire or perhaps feeling burnt-out, then impatience and the desire to be rid of the business could result in the sort of under…