4th September 2017 Posted by - Alexander Accountancy
Anyone who runs a business will at some time start thinking about retirement or a change of career. For the true entrepreneur this can be from day one, whereas for the majority it will be a slow realisation that we either want to change or finish what we are doing.
But when should we start thinking about this, and how long will it take? The simple truth is we should start thinking about it as soon as possible and always be planning with the end in mind. As for how long it takes, that will depend on the exit strategy you choose to follow, or in some cases have thrust upon you.
Minimise your tax – Alexander Accountancy are happy to offer bespoke advice in their free reviews. Discussing the different ways they can dispose of their business and showing them how to take advantage of alternatives such as entrepreneur’s relief, dividend issues, pension options, voluntary liquidations, etc.
We can also take care of the due diligence questions when it comes to selling the business, or for that matter purchasing one.
Maximise your worth – Preparing your business for sale can dramatically enhance the value and what someone may be willing to pay you. This can be a longer process than many people realise, making sure your business process is automated as much as possible. Needing the best systems and processes to be in place to ensure the business is ready to make the owner redundant.
Whilst Alexander Accountancy can and do advise on this, covering many aspects in our ABC Meetings, we also work alongside exit strategists such as Richard Lloyd of CMC Partners.
Dot the i’s and cross the t’s – Alexander Accountancy also emphasises that this can be a major transaction, and one the business owner can ill afford to get wrong. Not only because of potential losses of revenue, but also for the risk to potential liabilities.
This is why Alexander Accountancy recommend having the business transfer handled by a reputable solicitor. Again we often work alongside a local specialist such as Adam Gilbert of Else Solicitors in Burton upon Trent.
Find out more – The next Alexander’s Business Club meetings to be held at Branston Golf Club on Thursday 21st September 2017 and Thursday 16th November 2017, will be highly relevant to anyone who is thinking about their exit strategy.
As will Alexander Accountancy’s joint Event for Business Owners with Else Solicitors and Riverfall Financial, to be held at Pride Park, Derby on Thursday 28th September 2017.
If any of our events are of interest, if you would like the contact details for our partners mentioned above, or if you would like to take advantage of a Free Exit Strategy Review, please telephone 01283 743851 or email in**@al*******************.uk
