Do You Have an Exit Strategy in Place?
You may be asking “why paramount to plan business exit strategy for the firm”? Well, acknowlege the facts, it is a part of reality that not all businesses survive and statistically speaking more than 90% of new businesses quit in the first five years of business. This is one of the foremost reasons why planning an exit strategy is not an option when it comes to self managed super funds and employee incentives.
Exit planning basically refers to the work involved in exiting the business if the organisation is headed towards closing down (i.e. Bankruptcy, liquidation). The main goal is to ensure your exit transition from the firm is as hasslefree as possible with miniscule or risk to yourself or the business which is ultimately the most important asset that will aid your retirement plans.
Time some time to brainstorm and plan your exit planning as this is an important tasks that you will conduct.
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