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26 May

Exiting a Business

Posted in Business News Perth on 26.05.17 by Merlyn

Resulta ng larawan para sa exit

There are 3 major reasons why a business owner exits his business: it can either be due to selling it as a going concern, transferring it to a family member or staff, or just want to close it down.

The mental perspective of the business owner is the biggest factor than can make or break the business exit. Too often, business owners tend to fixate their thoughts on the business of running our businesses. When, in fact, there is a tremendous amount of value in seeing the ‘big picture’ with your exit. In other words, knowing what type of lifestyle would make you happy after you exit your business.

Every business owner has specific needs and goals. To effectively consider an exit plan, you need these goals to be articulated. If you are able to see the larger picture, and understand that stepping out of a business is an opportunity to move toward a new stage of life, you will be more prepared to execute a successful business exit.

However, exiting a business is not just all about what you want and what you want to do once you have done the exit process. Keep in mind that when exiting a business, you also have obligations.

For more on exiting a business in Australia, read this: https://www.smallbusiness.wa.gov.au/business-advice/exiting-business

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