A succession strategy is crucial to release the value of your business. There are quite a few options when it comes time to relinquish your business.
- Intergenerational baton change – It might be within your family
- Self sufficient management might be looking to take over the reigns from you
- Sale of the business, but get good advice
- Closure of business is sometimes a possibility.
A profitable, well run business that is not reliant on its owner is an attractive business proposition. Do not make yourself indispensable.
If sale is the chosen course, consider who the buyers are and prepare your business for sale well in advance.