Exit-Planning"To sell or to pass it on?"
When is it the right time to exit your business?
Time to change your lifestyle? Want to take time to improve your quality of life? Everybody who is running their owns business, may reach a point where they decide it’s time for change – one way to do this is selling your business. To enable this, you will need to plan effectively, to get the most out of all the time and effort you have put in!
Planning in advance is key here… Its about demonstrating value. Similarly with selling your house, you make it attractive to buyers, and it is a very similar process with selling your business. The first step is gathering the appropriate information, and a good way of doing this is asking what it is you would like to know if the shoe was on the other foot. Luvo will help and advise with the gathering of this information.
What a buyer is looking for… Luvo will help to clarify profitability, improve efficiency and make more marketable.
Some key points to think about:
- What type of sale? I.e. management buyout, private sale?
- Do you sell as a going concern?
- What happens to the property?
- Removing cash efficiently
- All potential shareholder issues removed?
- IHT tax planning
- Appointed trustworthy and effective professional advisers?
“Selling your business is like selling your house, it has to look nice first!”
- First and foremost, we spend time helping and advising whether this is the right decision for you, and whether now is the right time.
- Bring clarity and structure
- Make business more profitable
- Ensure business is marketable
- Help to gather information
- Plan an effective exit strategy
Preparing to sell your business…
This involves preparing financial information ahead of exiting your business, from illustrating how well you control costs to considering the state of the economy today. All of which we will help you to prepare, and ensure you don’t miss anything that’s required.
You will need to prepare / provide a range of tangible and intangible information, also considering goodwill and IP. Luvo will help you prepare all of the necessary information and put forward an appropriate way to present these at the point of exit.
Not forgetting your staff! You will need to detail how the business will fair without you in particular, this includes detailing the experience and knowledge of key members of staff and the training they have had.