The old adage’ If you fail to plan then you plan to fail “ applies to business succession or exit planning. This type of planning ranks up there with retirement planning-estate planning and creation of a will. It takes skill and it’s a very big deal. Sooner or later the time is coming when the business will change hands and it’s best for it to change hands according to a well thought out and executed game plan that includes
- SWOT identification of strengths s weaknesses-opportunities and threats
- Increasing growth and profit
- Asset protection
- Working with financial and legal advisors
- Preparing for the business transfer and sale
- Preparing the marketing plan