WHAT IS EXIT PLANNING or SUCCESSION PLANNING:

Put simply, Exit Planning is about leaving your business on your own terms. It is one of the most essential parts of your overall Business Plan. One could argue that it is THE most important part of you business plan as it will be the culmination of years of hard work.

Every business is bound to change hands sooner or later. Unless you intend to be carried out in a pine box and don't care what happens to your business after that you should be thinking about Succession Planning or an Exit Strategy.

Exit planning is absolutely essential to ensure you receive the maximum financial return when you sell your business and minimise tax liability. It ensures you receive the full benefit of your hard work, as well as the successful transfer to the new owner.

Selling your Business or a Succession Strategy are multi facetted processes that includes a Diagnosis of you business, Valuation of your business, Setting a time frame, Establishing transition terms and many other considerations.

However it is surprising how many business owners neglect to plan for their inevitable exit.

Lots of business owners are too consumed with the day to day running of their business to even consider the formulation of an exit or succession plan. This is a mistake. Exit planning is as important as paying your GST or workplace safety. Ignore it at your peril!

The Institute for Exit Planning created this web site in response to the many questions asked by business owners interested in formulating a business plan, a succession plan and/or an exit plan. Owners who want to leave their business on their own terms.