As a business owner, you obviously rely on your business to support yourself and your employees day-to-day, but you may also rely on it as a mechanism to fund your retirement?
As such, over the years, you may have reinvested almost every dollar earned back into the business. This money may have been spent to grow the business, or support the business through difficult circumstances. All with the hope that the business will fund your retirement in years to come.
We find many business owners who are 5-10 years away from retirement are now not only faced with the market uncertainty born from the current pandemic, but haven’t even considered their exit strategy from the business.
Successful exit strategies might include options like selling the business assets and closing up shop, selling the business on the open market, or to an employee, or even another family member.
Another option might be merging with a similar business and exiting over a number of years.
Or the plan might include a combination of all these options – and of course a back-up plan should these options fail.
Sharp Accounting has a wealth of experience with business exit strategies. So if you find yourself with no exit strategy, or a pseudo one, now is the time to start planning, and now is the time to talk to a business advisor.
Even if you have a plan in place, perhaps a second opinion might help? We will support your business through the next decade and put plans in place now to ensure a smooth exit strategy.