If you a business owner, then the solemn time will come where you will be forced to regretfully leave your business behind; but take solace in the fact that now more than ever it is extremely easy to keep your legacy in tact and make sure that you are able to live a happy life far beyond your years of work. Some of those things are like creating a plan and making sure to communicate that plan early and often!
Key Takeaways:
- The most important step in preparing to leave a business is to plan clearly and early.
- The second important aspect is to continue to reign in customers.
- The final point to keep in mind is to have an understanding of your current economy, which will influence your business.
“Given every business owner will exit their business eventually, a strategy is essential to avoid unnecessary costs and complexity. Creating an exit plan mitigates the risk of having to give up the reins unexpectedly due to illness or death and, with the right advice, can structure the business to make it easier to sell, pass on, or wind up without incurring undue costs or taxes.”
Read more: https://insidesmallbusiness.com.au/planning-management/preparing-for-your-exit
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