YO U R B U S I N E S S _ P R O M OT I O N How to plan your business exit You might not be ready to give up control of your business just yet, but that shouldn't stop you thinking about selling up. When it comes to reaping the rewards, preparation is key When should I start planning for my exit? 1. Get your books in order Make sure your financial records are accurate and up to date. Show the last three years' trading history if possible. Why should I plan? 2. Get third party consent Don't get into a position where completion of your deal is reliant on landlord or supplier approval. The best time is the day your company starts trading. The next best time is now. Putting the right preparation in now can add value to growth and expansion plans, as well as profit forecasts. It will also give you full control over your exit and enable you to choose when you will hand over the reins - hopefully, in favourable market conditions. What steps should I take? Before you sell your business, there are some important things you can do to ensure greater success. 3. Make yourself dispensable Buyers don't want to pay for a business where the value departs when you do. 4. Write down your processes Document every aspect of how your business runs to pave the way for a smooth transition. 5. Value your business This will identify which assets you'll sell with the business and give you a starting point on which to base your negotiations. Value is highly subjective. Following the steps highlighted in this article will help ensure you get the best possible price for your business. 6. Decide how you want to sell You can market your business yourself on BusinessesForSale.com. The listing process is quick and easy, and the onus is on you to respond to buyer enquiries. Or you may decide you need additional help. In this case, you may want to look at engaging a business broker or transfer agent who hashttp://www.BusinessesForSale.com