BBF137: How to maximise the value of your business and achieve a successful exit with Craig West

We spend so much time talking about the detail of day-to-day business, but what about life after business? Focusing on an exit plan is vital to ensure that your business enhances your life in the way that you want it to, and at the same time will make your day-to-day business more effective.

We have Australia’s leading exit planner on the show this week to show us the ropes on all-things exit planning. As well as being the largest succession planner in the country, Craig West has been awarded Exit Planner Of The Year, and more importantly has received the even greater accolade of being invited back onto this show because he was so good last time!

Keep reading for some of his top tips:

 **The number one problem with SMEs is over-reliance on one person at the top of the organisation.

**Make a succession plan, even if you have no intention of selling up any time soon.

**You can triple or quadruple the value of your business if you do a proper exit plan.

**Do not underestimate the value of your competitors. They are likely to pay better money for your company than standard investors.

**It isn’t all about the sale price of a business - think about life after business.

**Don’t do it yourself - always use an advisor for your exit planning.

**You should spend 20% of your time working ‘on’ your business rather than working ‘in’ your business.

 

 In this episode of Business Brain Food you will learn:

**How long an exit can take

**How to maximise the potential exit options

**How to make your business attractive to a strategic buyer

**An employee share option explained

**How to sell to a listed company

**How to plan for life after business

 

Resources mentioned in this episode:

**Are you an accounting firm looking to offer business advisory services? Are you a client of an accountant who wants your accountant to get more proactive? Contact [e-mail]

**Ben’s events across Australia: http://www.businessfasttrack.com.au

**Ben’s free business Ebook: http://www.maxmyprofit.com.au

**Craig’s succession planning service: http://www.successionplus.com.au

**All previous BBF episodes & show notes can be found at http://www.businessbrainfood.com.au

**Facebook: facebook.com/businessbrainfood

**Facebook group: https://www.facebook.com/groups/businessbrainfood

**Twitter: https://twitter.com/bfewtrell

 

 

As Craig says, it’s very easy to put off exit planning because it doesn’t feel like it’s fundamental to the day-to-day, but if you listen to the show you’ll realise just how vital it actually is. Make sure you get your plan in order!

Also, if you are enjoying these Business Brain Food podcasts, then make sure to share them via social media sites or email the links to family and friends. A lot of time and effort goes into producing each of these podcasts with the goal in mind of the more people we can inspire about business the better. You can help us do just that!

Until next time, have a profitable day.

Cheers,
Ben Fewtrell
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