5 things a Business Owner should consider before an exit!

• Consider what your dream life looks like – Spend some time thinking ahead “What are you not doing, by doing what you’re doing?”
•  Price up this dream life and find your ‘Magic Number’ - Knowing this number can make for a much happier (and often earlier) transaction.
• Futureproof your decision – Life will always throw you a curveball, so it’s best to know you can financially navigate the unexpected, particularly when losing any insurance and healthcare benefits when leaving the business
• Supercharge this future whilst you’re still in the business – Organise your personal affairs early and make use of all the available allowances before they are lost. Understand the tax treatment of your exit plan, this can make a massive difference
• Build a strong team around you – A strong corporate adviser, solicitor, tax accountant and wealth manager, working together, covers all bases.

Richard explains that these may all sound quite financially centred, but says ‘this is the process we adopt during our conversations with our clients’.

It’s important to get an understanding of what makes business owners tick, what motivates and challenges them.’ Richard goes on to say that ‘Lots of entrepreneurs don’t actually want to ‘escape’ their business, when often they could and probably should. Others are keen to stop but don’t feel they can yet. Our job is to help them to live their best life as soon as they possibly can.’