Getting Ready for Succession and Exit There are a number of options for selling your business - an outright sale to a new party, a strategic trade sale to a competitor or a business up or down your value chain, management buy-out or management buy-in. Choosing the best one will depend on the competitive as well as commercial environment. However, to be successful, you need to prepare the business for sale or succession. Waking up one Monday morning and deciding to sell the business just won't work if you want to extract all the value and hard work you've put into it. You will need to assemble a team who know what your goal is and can help you put in place everything you need - from commercial aspects such as contracts, human resources, determining the owner's role to having a detailed understanding of the financials what are the business drivers, where does the business really make money, what are the profit leaks, how cash flow can be improved? It's going to be like doing due diligence on yourself When you think you've done this job, you will probably know more about your business than before and ready to decide next steps. You might realise there is more work to do before you can sell it or decide to make changes that will mean it's worth keeping while you get to take more time away from the business If you would like to discuss your business succession plans, call Philippa on 09 238 5939 AU-8315558AA