The title, business exit support, infers that this is a service you would offer clients at the end of their business cycle when they are looking at options to sell, pass on or wind-up their business concerns.
But the best way to maximise returns for your clients is to plan a business exit strategy at the beginning of the business cycle and to monitor the process annually as the business develops.
Our April 2022, Fee Builder resource pack covers business exit planning and how you can turn this advice into a recurring fee for your practice. In the implementation notes on this issue we said:
When should we start?
As our clients are constantly thinking about issue, when and by how much could they sell their business, this is not a difficult conversation to start early on in their business development cycle. To give them a good chance of maximising value, they need to be producing steadily rising profits and robust balance sheets over a three to five-year period. So, the sooner we start, the sooner they can get to the point of deciding whether they want to sell or not and when. As always, we are giving them more choices. and it may be that the value they will get by selling their business, compared to the value that they are getting now from the profits they are earning, means that they will delay their eventual sale for a few more years which is to our benefit.
In which case it is a win-win for the accountant and the client.
Other items covered include
Other issues covered in our scope and implementation report include:
- Starting the conversation with clients
- Five steps to grow a business
- About the prospective buyer
- Engaging business sale professionals
- Time scales
- Tax planning
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