succession planning Archives - Insight CA Limited
Close

Tag Archives: succession planning

Is exiting your business now a consideration?

Is exiting your business now a consideration?

A new year, a fresh perspective on things, and for some, time to start thinking about life after work and when that may start.

 

A few of my friends are business owners that are now finding there at that age where their business has matured, like them. It’s still profitable and able to sustain a nice lifestyle and it’s still fun to work there too. The children have grown up and left home so discretionary spend is now spent on more elaborate trips overseas, i.e. it’s being spent on them not the kids, and those trips are becoming more frequent. Without knowing it they are already changing their lifestyle to life after work, and they like it.

You may ask, “Why would you think of an exit strategy when you’re still enjoying yourself in the business?” Well, you need to think of it this way – your business is an asset, one in which you have poured a lot of time, energy and invested money in over the years. While it may continue to support your current and immediate lifestyle, focus now should be on increasing its value so that when the time comes, you are able to take full advantage of the additional wealth that brings, to then fund the next chapter or venture in your life.

(more…)