You’ve worked hard in your business to make it successful and profitable. When the time comes to exit your business, you want to ensure that the process is as smooth and as financially beneficial for you as possible. Stacks is here to help you ensure exiting your business is just that.
Exit planning means having some control over how and when you leave your business and what happens next. When you have worked hard to build your business, seen it through various challenges and made numerous decisions to keep it on track through the years, you want to make sure that when you walk away you are rewarded accordingly. You deserve to leave in the best financial position you can.
It may be that unexpected circumstances lead you to exit your business suddenly such as injury or illness. Without an exit strategy, what follows may be unpleasant, involving disputes with existing business owners about issues over ownership, leadership or the direction of the business. It could mean that you or your family come away less financially well off than you would have been had you planned ahead.
Whether your reason for exiting the business is retirement, a health issue that prevents you from continuing or something else, exit planning can involve complex issues. It is important to have good advice when planning for your future and that of your business.
A Stacks Law Firm commercial lawyer can provide advice and assistance to ensure that you exit your business smoothly, at a time of your choosing and for the maximum capital gain.
Issues to consider when planning an exit strategy
- Who will own the business?
- Who will run the business?
- Will the business be sold and if so, to whom?
- What is the business worth?
- How can you optimise the value of your business before you sell it?
How we can help you with your exit plan
- We can assist you to establish clear written guidelines with your business partners when you first set up a business, to cover what happens in the event that you (or somebody else) decides to leave the business. These might include Shareholder agreements, Partnership agreements and a specific Company Constitution
- We can help you to regularly review any written agreements you have with business partners
- We can help you choose the best exit strategy based on your goals. For example, you may wish to pass the business on to the next generation of your family, to sell assets or the whole business
- We can help you with tax planning in order to minimise your tax when you leave
- We can implement your exit strategy such as negotiating with business partners, drawing up legal documents and handling any settlement matters
- In the event that one of your business partners decides to exit, we can assist you to ensure that the business continues to run smoothly
Need some advice about exit planning? Call us today