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Your business and the future

Exit strategies

There are several primary exit options available to most entrepreneurs who are ready to leave their business. The individual appeal of each option may vary according to your operation's size, level of profitability, urgency of the exit, and other assorted trading and personal reasons for exiting.

You might consider:

  • Passing the business onto family members who share your passion and vision for the business. This may take the form of a buy-out or inheritance.
  • Taking the time to find a friendly buyer who, like you, wants the best for the business and is likely to preserve it in a similar form.
  • Selling to a competitor, or anyone who shows you the money. You hand over the keys and don't look back.
  • Liquidation – pay off your creditors and other investors, sell any assets, close the doors and walk away to perhaps start something new.

The main financial advice many small businesses require when considering exiting relates to the tax implications associated with selling or closing their businesses. This advice may involve separating business and property assets to facilitate the transfer of trading businesses.

Before committing to any specific method of exit from your business, take advantage of wise counsel from trusted advisors and business professionals such as your solicitor, accountant and personal and business mentors.

For further, in-depth information on this subject, visit Business.gov.au

Hard copies of any “How to” business guides can be attained by contacting Business Point.

Phone 1800 440 026 or email businesspoint@development.tas.gov.au