1 Ensure the necessary systems are in place to keep things running smoothly without you. Without good systems and a strong management team, the sell price of your business will decrease.
2 Timing is key – leaving needs to be right for both you and the business, and will take longer than you expect (I suggest allowing two to three years to structure your business for sale).
3 What will make you implement your exit strategy? Know your trigger – will it be when you’ve learnt all that you can, are ready for a new challenge, or feel that the business needs a new lease on life? Or it could be something unexpected like a health issue. Being prepared will make the process far less painful.
4 If you’re in a partnership, make…
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NZBusiness+Management (Digital) - 1 Issue, November 2015