What is Your Exit Strategy?

You must be thinking “why is it necessary to include business exit strategy for the business”? Well, there is an answer to this, it is a sad reality that not all businesses survive and statistically speaking more than 80% of new enterprises do not make it in the first five years of business. This is one of the major reasons why having business exit plan 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 business fails (i.e. Bankruptcy, liquidation). The idea is to ensure your exit transition from the organisation is as smooth as possible with miniscule or risk to yourself or the business which is ultimately the most important asset that will aid your retirement plans.

So take the time to brainstorm and focus on your business exit strategy as this is one of the most important tasks that you will conduct.

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