PREPARING FOR YOUR FUTURE

People have different priorities at

different stages of their life, and your

post-exit plans will be unique to you.

Planning ahead is essential. Taking the

time to consider your ‘why’ and what

life might look like after your exit can allow

for a truly effective plan to take shape.

The Importance Of Planning Ahead

Exiting your business requires meticulous and methodical planning, often taking three to five years.

It’s vital to know what you want to achieve from your exit. Then you can work backwards from your end goals, formulating your strategy and timescales accordingly. In doing so, any changes you need to make will become apparent. Whether it’s restructuring your business, reviewing your tax position, or carving out a growth plan.

See the process as an opportunity to add value to your business. Like any other value creation plan, you’ll need to set annual and quarterly objectives with clear KPIs. This will allow you to measure and manage progress, reduce risk, and adapt to any challenges along the way.

All of this might seem daunting. That’s why we have broken this handbook down into a step-by-step guide, helping you tackle each stage with courage and confidence.

Life Beyond
Your Business

The running of your business will have been a huge driving force and passion in your life for many years - perhaps even decades. But the day will come when you cut all ties. Considering the void that will be left shouldn’t wait until the day of your exit.

As individuals, we all need to feel we have a purpose. Your exit could offer a chance to try new experiences. Whether that is fulfilling lifelong ambitions, spending time with family and friends, or mentoring others.

People have different priorities and your post-exit plans will be unique to you. But it is worth considering life beyond your business:

// Is philanthropy on your agenda? Have you considered trusteeship, working with charities, volunteering, or setting up a foundation for a cause that you’re passionate about?

// Is now the right time to invest in another business? If so, you may be eligible for the Enterprise Investment Scheme (EIS) or the Seed Enterprise Investment Scheme (SEIS).

// Is consulting, advising, or mentoring the next generation a pursuit you’re interested in? Sharing the skills and insights you’ve gained throughout your journey can be rewarding.

Are You Ready For Someone To Step Into Your Role?

Letting go of your business will be difficult. But it’s important to emotionally separate yourself. This way you can stay focused on what needs to be done and you can concentrate on your own goals.

Give yourself time to prepare. Business owners often move from Managing Director to a Chairperson or non-executive role during the exit process as it provides a gradual step back.

Internally, team dynamics and relationships will change. If your current team or family are taking over, mentor them as your successors. Help them take your business into the future.

When it comes to external buyers, it’s worth doing your homework in advance. Ensure that they align with your culture and values to help safeguard both your team and your legacy.

No matter who your successors are, it’s crucial to prepare yourself to see others making strategic decisions.