There are several options. These include to close the doors and walk away (poor option), pass on to the next generation (with or without payment), sell to the highest bidder (may be hard to find), bring in a manager and take a back seat, set up to run without you but still with ownership at some level.

This is totally different for every business and business owner. The one that’s right for you is unlikely to be right for the person next door.

Start with a 5-year plan. The focus here should be to have a sustainable income and profit. Consider possible changes to markets and laws that can be a bonus or handbrake, and ways to benefit or overcome.

Before you start or buy the business is ideal. It gives you direction for how you go about day-to-day operations and in every decision you make.

Not necessarily. There are many factors which can steer you away from the highest bidder. What if you own the premises and they don’t want to rent it? You may have specialised equipment they don’t need (they already have it), and you will find hard to sell. The sale price may be contingent on you providing a big chunk of vendor finance which is risky. Don’t let a big number cloud your thinking.

We can. We have the knowledge to work with you to determine current business value, factors that drive that value and can introduce you to legal and business broking professionals to make an exit as smooth and simple as possible.