Succession For Business Group | Business Development | Small Business | Succession Planning | Melbourne | Warrnambool

For many people, their business is their main source of income during their working life.  It also forms a major part of their retirement plans.  You will want to sell your business for as much as you can to ensure that retirement you deserve.  To this end I believe it is critical to know what your business is worth today.  This is the starting point for achieving your retirement goals.

Selling your business for what you think it is worth will not just happen.  You need to work at it.  It stands to reason, that with the average age of business owners being between 55 -60, that there will be a large number of business for sale in the coming years.  Why will yours be special?  What can you do to make your business stand out from the crowd?

There are several issues that can impact on the sale of your business, one of which is the owners reluctance to consider succession planning early on.  Planning to have your business sale ready should start as a minimum 5 years out.

Part of planning for the sale of your business is to optimize the business value.  It is important to understand the key drivers around your business that impact on the value of the business.  Some of these key drivers are

• Good Systems (why franchising is so popular)
• Low reliance on proprietor
• Different from your competitors
• Succession Planning

Do you know how much your business needs to be worth to fund your retirement lifestyle?  How much is it worth now?  How are you going to bridge the gap between these two figures?

The time to start thinking about this is now.  Get to it and enjoy the retirement that you deserve!