Tools & Support / Business News
Don't let your hard work go to waste
Business owners should make a New Year's resolution to put plans in place for their own personal future.
Mark Bramall, from Dyke Yaxley Chartered Accountants, in Shrewsbury, said: "With the challenging economic climate, many business owners are purely living from one day to the next and fighting to keep their company operating successfully.
"No-one has the time to think strategically about what may or may not happen in the future as they are busy running day-to-day operations.
"But the New Year is a perfect opportunity to take stock of your situation, and as all business owners should have on eye on their eventual exit from the company, what plans do you have in place?"
Mark said sales of businesses, especially owner-managed businesses, had fallen dramatically since the start of the credit crunch.
"We believe that for the next five to ten years at least, only the best owner-managed businesses will be sold for a good price, so it's vital that you start to think about exit planning now as nothing can be implemented overnight."
He said it was important to consider who would be likely to purchase your business, and the team at Dyke Yaxley can help with a review of the market and your sector, to help you look at your options.
"Is your business worth anything in its own right, or is all the value in you personally? If so, you may find you don't have much to sell apart from a few assets.
"You need to maximise the goodwill in the business, which includes making it as easy as possible for someone to buy it and successfully step into your shoes.
"And don't forget there is always a chance you could receive an 'out-of-the-blue' offer - we can help you ensure your company is more likely to be found by large corporate or overseas buyers who are looking for a target to buy.
"So don't let all those years of hard work and building a brand just disappear when you eventually decide to reitre - put plans in place to help maximise the benefits you can reap after all your dedication and commitment."
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