Blogs

When Is the Best Time to Sell Your Business?
July 30, 2025
Position your business for maximum value while you're still in control.
July 29, 2025
Understanding Earn-Outs: A Smart Strategy for Bridging Valuation Gaps in Business Sales
July 21, 2025
Understanding the Risks and the Rewards of Working with a Business Broker
July 9, 2025
Practical Ways to Make Your Business More Attractive to Buyers
Small Business Exit Strategic Planning
June 30, 2025
Small Business Exit Strategic Planning
June 23, 2025
You Can’t Run a Great Business if You’re Running on Empty
June 10, 2025
Timing is one of the most critical factors in achieving a successful business sale.
June 9, 2025
Three Ways Business Owners Profit from Their Business
exit planning for small business
June 4, 2025
You Should Sell When You Want To,  Not When You Have To
By Bruce Coudrey August 17, 2021
The Business Lifecycle comprises: Start Up Operation and Improvement Wealth Management Exit. Business Purchase or Start Up Whether starting a new, or buying an existing, business, the following should be considered to ensure you make an educated decision before proceeding: Pro's and Cons of the industry Business Planning Marketing strategy Registration and licence requirements Name registrations (including ASIC and Domains) Tax Structures and Asset Protection Workplace Health and Safety Tax Office Compliance Intellectual Property / Trade Marks Insurances – Prof Indemnity, Contents/Building, Public Liab, Workcover, Life, Income protection, Key Man Finance & cash flow requirements Staff and employment requirements and obligations Fixed and Variable expenses, break even analysis Management and reporting systems. Operations and Improvement Sound business operations require the right foundations. This means access to accurate numbers and key measurements in a timely manner so you know what is happening in the business at any point in time. Business owners must be able to regularly review and monitor performance, and make changes quickly. Three main areas for business improvement are: Increasing Gross Profit margins Reducing overheads, and Growing sales. Regular meetings, monitoring and implementation of your strategies enable you to quickly see improvements to your profits. Many businesses fail because of a lack of planning. It is imperative that business owners manage, monitor and measure business performance to know where changes can be made, and to see that business plans are working. Wealth Management What is wealth? To be wealthy simply means you can afford your lifestyle, now, and into the future. Business owners should manage their affairs to grow and build wealth. They should also aim at reducing their input into the business and ultimately retiring. Exit There are many ways that this can be achieved. A succession plan or exit strategy will help your business transition smoothly to the new owner – and derive more value. It clearly outlines your timeframe, expected sales value and who your targeted purchaser is. It is highly recommended to plan your exit early, the sooner the better. That way, you have time on your side to maximise the value of your business for sale. Once your timeline is set you can then clearly set measurable targets to reach your business’s full sale potential. It’s also important to know who your targeted purchaser is, being your family, an investor, a new working owner or your business team. There are many different strategies and planning solutions depending on your ideal purchaser… So start planning your exit strategy now! If you’re thinking of selling your business, send an enquiry to admin@benchmarkbusiness.com.au. One of our brokers will be happy to assist you. If you would like more information, please see tips and advice from the ATO here: https://www.ato.gov.au/Business/Privately-owned-and-wealthy-groups/Tax-governance/Tax-governance-guide-for-privately-owned-groups/Starting-your-business/