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Do you have a business exit route in mind?

L

lookingforadvice

New Member
Verified Member
There will come a time for all business owners to hand over the reins to new management and take a backward step toward retirement. As I see it, the options are:-

• Pass your business over to your children
• Sell the business
• Mentor a leader for the future

Hands up, how many people out there have actually thought about an exit route?
 
E

Employer

Member
Verified Member
I think there are very few familes where their children will be willing to take on the reins and run the business in the future. Probably best to sell the business or train someone to take over - also useful to bring some money out of the business when you retire. Surely you deserve a treat?
 
G

Goingitalone

Member
Verified Member
Those who take on your business need to have a genuine interest in the subject matter and business. If they fail on either of these issues this does not bode well for the long-term future of the business after you have left. Family businesses can work but historically some of the biggest bust ups have involved brothers, sisters and parents falling out over business. Sometimes they never speak again!
 
Needhelp

Needhelp

Active Member
Verified Member
When looking at exit routes, perhaps training somebody up to take over the business, it might also be worth looking at cover in the event that something was to happen to you. If everything revolves around you and you had an accident let's say, would the business survive?
 
barry100

barry100

New Member
Verified Member
every one should make an exit route. I personally do not one one. Didnt know I needed one when I started. Too late now!
 
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