Exiting a business

You need to prepare for exiting your business, as it can be a lengthy process involving various financial, legal and operational obligations. The idea is to have your business in the best possible shape before you exit.

Once you have decided to close down, it is important to create an exit strategy and you should document an exit strategy in your initial business plan. Talk to your solicitor or financial adviser about different legal requirements for closing a business and have exiting strategies available to your business. It can take up to 2 years to plan a successful business exit, so it’s a good idea to use this time to strengthen your business and maximise its value.

The following links are to the Queensland Government site for exiting a business:-

• Ways to exit a business
  Overview of the different ways of exiting a business
• Closing a business
  Find out how to effectively close down a business
• Selling a business
  Preparing your business for sale, the selling process, legal obligations
• Valuing a business
  Learn the different ways to value a business
• Succession planning
  Options for transferring ownership and control of your business, planning succession well in advance helps you to prepare and train potential successors for an important role within your business.