More than 60 per cent of small business owners do not have an exit strategy in place, with many leaving the future of their business to chance, according to an accountancy firm that specialises in microbusinesses.
Ward Goodman, an accountancy firm based in Dorset has recently found that exit strategies do not top the list of important things to do for small business owners.
Such strategies are crucial to make sure SME owners could gain the highest value when the time came for their departure, the firm said.
The accountancy group has since held a workshop for SME owners in the Dorset area to learn more about creating a proper exit strategy.
As part of the workshop, Ward Goodman workers gave a number of tips to SME owners on how to create a proper exit strategy. Ian Rodd, managing director had some words of advice for small business owners.
‘‘The key to any exit strategy is preparation. Knowing and preparing in advance for what may happen to your business once you have decided to step away, whether that is selling the business, a buyout through current management or passing the business onto an heir.’’
‘‘An exit strategy is the best way to ensure you remain in control and have the appropriate steps in place so that you gain as much possible from a departure.’’
‘‘It is inevitable that one day all business owners will depart from their business. Even if your business has just started, having an exit strategy in place can help you keep track of your businesses value and ensures much more security when the day comes for leaving your business,’’ continued Rodd.