Succession Planning is relevant for every business owner because one day, you will either want to or have to, exit your business.

It is normal for you to hope to sell your business when you exit, and the chances are, you will need the sales proceeds to fund the next phase of your life, or to assist your family in maintaining their livelihood.

How this will occur will depend on the type of business you have. In my experience there are generally three main business categories, and each will require a different approach to their succession planning. This blog will be written in three parts to focus on each of the three main categories, with the first of these being

Category One: Sole Proprietor.

If you fit into the first category, you will have a business that relies on your sole capabilities. For example, if you are a consultant or independent professional (such as a lawyer, accountant, doctor, etc), your business is likely to be the mechanism to sell your expertise and generate your income.

In this situation, you are likely to have a client base that can be sold when the time comes to leave, however the business book alone may not generate the sort of financial outcome you had hoped for.  This could leave you short of cash to fund your retirement, or leave your family with a lowered living standard if you leave under stressed circumstances.

If you are to improve your financial prospects when you leave your business you will want to build an asset with a reliable recurring revenue stream that is not entirely reliant upon you (see the concept of building your
business to the “Three Dimensional Zone of Value” discussed in the book “Your Business Succession” because this will yield the most profitable outcome for you when you exit. 

If you aren’t sure how to achieve this, you may want to engage a business succession strategy team to assist you (book your free 15 minute consultation), so you can maximise the cash flow and profits you receive when you exit your business.

Building your business value, is only part of the succession plan you want to build, because you will also want to identify your successor to establish agreed terms that secure your position through both planned and unplanned circumstances. 

If you are to profit the way you had hoped, your successor will need time to  be introduced to your clients, staff, business processes, suppliers etc, so the earlier you can set up the arrangement, the better your outcome will be.  Successors who have been given time to establish relationships with these key areas of your business will usually be prepared to pay a higher price for your business because it is more likely the clients will stay on.

If you are not prepared to take the steps to build your business succession plan in this way, you will want to ensure you are building a nest-egg aside from your business to ensure you achieve the financial security you’d always wished for.  You may want to engage a financial planner to assist you in building an asset base away from your business.

Discover how prepared you are to exit from your business?

Take the FREE Business Exit Quiz to receive your customised report. It takes about 2-3 minutes to complete.

You can also Download three FREE chapters of the books.

If you haven’t engaged a Business Succession Strategy Team working together for your benefit it’s time to do so. Click here to Book your FREE 15 minute consultation with the Exit Experts Succession Strategist (only for subscribers of this blog, so please log on to subscribe)

In the next post, I will discuss the second category type for succession planning.

Here’s to your profitable Business Succession!

Leigh Riley

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Prescription for business succession disaster!

Bill and Ben were equal-share directors of a profitable medical supplies distribution business for ten years. They estimated the business value at around one million dollars. When Ben suddenly died in a car accident, Bill thought he would automatically borrow to buy out Ben’s shares from Ben’s beneficiaries, but he faced a number of unexpected problems.

• Problem 1: Ben’s estate attorney arranged a business valuation to determine the value of Ben’s ownership for distribution to his estate, revealing that the business value had grown to $1.5 million. For Bill to buy Ben’s shares, he would need to borrow $750,000.

• Problem 2: Although the business was going well (with both directors operating it), Bill struggled to find adequate finance (the maximum he could borrow was $350,000) because his personal debt commitments were significant and he had forgotten the business had previously provided personal guarantee security against a mortgage for Ben’s family home.

• Problem 3: Ben’s wife, who didn’t work, needed the money from the business to pay off the mortgage and meet other family expenses, so was applying legal pressure to Bill to do something to release some cash.

• Problem 4: Bill was extremely traumatised by the loss of his long-term working partner and the resulting financial challenges. The situation took months to resolve and affected the business operations in a way that negatively impacted sales fulfillment, which was predominantly Ben’s area of strength in the business. Customers became disgruntled and began purchasing from competitors, which in turn affected sales, cash flow and ultimately the business value.

• Problem 5: Ben’s eldest son Tom had been working in the business as a storeman, and felt he was entitled to move into Ben’s role automatically as a beneficiary to the estate. Although Bill had tolerated Tom working under Ben’s charge while he was alive, Bill could not entertain the idea of working directly with Tom because he was too inexperienced. On top of that, Bill had always found Tom to be spoiled, immature and irresponsible, so considered him to be an undesirable working partner or co¬owner.

• Problem 6: Bill was desperate to find another equity partner, but aside from Tom, no candidates presented. Bill was not able to form an agreeable arrangement with Ben’s widow, who was represented by strong legal counsel. The situation had become quite acrimonious and Bill was forced to sell the business. The business sold 18 months later for $1.1 million, some $400,000 less than its valuation immediately after Ben’s death.

A poor succession outcome for Bill

Bill had lost a large part of his life’s work through his inability to arrange capital funding to take full ownership of the business when Ben died. This was a heartbreaking loss from which he took years to recover.

Although Bill and Ben were excellent business people in so many ways, they made an enormous error of judgement by failing to plan certain aspects of their business that were essential to ongoing good management. During all their previous business planning sessions, they had never discussed a succession plan or taken the simple steps that could have easily prevented the stress and heartache that Bill, Ben’s widow, and Tom all endured.

How to prevent the forced sale of your business

1. Implement thorough succession planning measures, such as forming an agreement that contains funding mechanisms to release owners from debt and guarantee commitments, to ensure that all owners remain in a strong position to negotiate a sale no matter what the circumstances.
2. Educate yourself - read in detail about what Bill and Ben could have done to prevent this situation in the solution suggestions in Part 5 of my book “Your Business Succession: How To Exit Your Business With Maximum Cash Flow & Profits”
3. Conduct a FREE self-assessment of your readiness to exit your business profitably under any circumstances at www.BusinessExitQuiz.com

To Your Profitable Business Exit,
Leigh Riley

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Poorly Communicated Succession Plans Can Lead To Business Failure

One of the biggest mistakes made by business owners when it comes to succession planning is making all the decisions alone. Often the most difficult decision is how to a divide a business in a family situation, particularly if the main asset you hold is your business and you have one or more children competing to eventually take control.

As the business owner, it is more than likely your right to ultimately distribute and hand over the business in the way that you feel is most appropriate.

However, if an amicable outcome with business continuity and harmonious relationships are important to you, then you would be wise to include all the family members involved and communicate your intentions to gain feedback and acceptance from the main stakeholders. If you fail to communicate your intentions accurately with all involved, the outcome could spell disaster for the business, resulting in financial disappointment and relationship breakdown for all the interested parties.

CASE STUDY – Family disputes after succession cause business closure without a sale

Business owner Stuart was the father of three children. His eldest child, Tim, had worked in the business all his life and had contributed significantly to building the business value. When Stuart died, leaving an equal share of the business to each of his three children, Tim felt short-changed because he had made the business his life’s work.

The business had insufficient borrowing capacity and Tim could not afford to buy out his siblings, who insisted on liquidating the asset, forcing the sale of the business. Tim contested the will, insisting he deserved more than one-third.

Unfortunately, the business remained closed during the lengthy and costly lawsuit that continued for two years, resulting is irreconcilable family breakdown and decline in the business value due to loss of income and clientele.

To add insult to injury, an opportunistic competitor established a similar business across the road, effectively gaining all of the business clientele.

How to prevent family disputes after succession from destroying your legacy

This situation could have been prevented and all parties’ interests could have been protected if only Stuart had chosen to communicate with Tim about his intention of leaving equal shares in the business to each of his children. Tim could have expressed his passion for the business and his desire to one day own the business, which would have provided the opportunity for them both  to seek advice about how to structure it so that Tim could take over without his siblings missing out on their share of the inheritance.

The simple solution to this problem would involve Tim entering an agreement with his father to buy out the business upon certain succession triggers. The agreement could be arranged to provide Tim with full funding by using insurance and vendor finance terms to facilitate the transaction. Full details of the strategy and options for this case study are revealed in Part 5 of my book ‘Your Business Succession: How To Exit Your Business With Maximum Cash Flow and Profits.”

Revealing your succession intentions is only one part of the communication required within a business to ensure every stakeholder understands their rights and responsibilities. Communicating the exit terms from the very start of your business relationship is essential for a fair outcome during times of internal disputes, as you’ll discover in the next case study about situational errors in succession plans.

How prepared are you to exit your business with maximum cash flow and profits?

51% of small business owners in Australia exit before retirement age  in unplanned circumstances. Take the FREE business exit quiz to see how prepared you are to prevent this happening to your business and your family.

To Your Profitable Business Exit,
Leigh Riley

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Infighting and Disputes Devalue a Thriving Business

When you decide to join forces with colleagues in a business, your natural response is to focus on all the positives of the union.

The last thing you are likely to have on your mind is the possibility of an acrimonious separation that could result in you losing part or all of the capital you contributed to the business, as well as being denied the value that your efforts contributed.

Let’s face it – if you thought that was a possibility, you would never enter a joint venture, but the reality is that some business relationships do sour, and the worst time to attempt to negotiate fair exit terms is during a dispute.

CASE STUDY – Effects of infighting and disputes among business owners

The situational errors made by business partners Andy, Phyllis and Johanna in a professional services firm caused a tragic loss  of value due to infighting and disputes which resulted in one partner being forced out without her rightful financial entitlements.

A thriving professional services firm’s three partners began to argue among themselves about the business operations and workload. Two of the partners, Andy and Phyllis, felt they were working harder than the other, Johanna, although all were earning the same pay.

The arguments escalated into a dispute when Andy and Phyllis, who were romantically involved, ganged up on Johanna, leading to her unplanned, forced exit. With no formal agreement about succession terms in place, an unreasonable exit payment was offered to Johanna.

Johanna engaged legal representation and a costly legal battle ensued regarding equity value. The outcome was less-than-fair terms for the departing partner after costs. With all parties focused on the dispute, attention was diverted from the business operations. The result was a sizable decline in the practice value.

What’s more, during this disruptive period, some staff left, while others took advantage by slackening off. Many clients left the firm to engage alternative options due to the poor service they were receiving, some following departing staff members, effectively destroying the original value of the firm.

Cases like this demonstrate why you want to start your business relationships with the end in view, and why you must negotiate the exit terms while all partners are in a positive frame of mind.

Why Succession Solutions MUST Be Planned At The START of a Business Partnership

This situation could have been resolved easily had they started their partnership with a succession plan agreement. The conditions of the agreement would need to include the full financial terms applicable to any partner of the firm exiting under each of the possible succession triggers identified in Chapter 2 of the book, “Your Business Succession”. This would have allowed Johanna to decide whether or not the terms of exit suited her before she committed to entering the business. She would have had the ability to negotiate more favorable terms from the start, which would have saved her from the stress, legal battle and financial loss that eventuated.

You can read in detail the actual strategy outlined for the agreement in Part 5 of “Your Business Succession”.

How well prepared are you to exit your business with maximum cash flow and profit under any circumstance?

Take the FREE Business Exit Quiz and find out!

To Your Profitable Business Exit,
Leigh Riley

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Are Verbal Agreements in Business Succession Plans a Good Idea?

In business situations, verbal agreements about succession plans, or indeed any aspect of the business, are usually made because the people involved share a relationship of trust. Operating on verbal agreements appears to be quite acceptable among members of the extended family, with friends, or with partners, because there is the belief that the quality of the relationships will ensure that agreements will be honoured in the manner intended.

What happens to the verbal succession plan when things change?

However, the problem with verbal agreements in business is that circumstances can change – people’s recollections become distorted over time, and the resulting misunderstandings can cause not only relationship breakdown, but also breakdown of your business.

Case study – verbal agreements in a family succession plan leave the successors vulnerable

Sonya retired and handed over her farm business in equal shares to her two children, who had always worked hard on the property.

Sonya asked for no payment for the business, and the children agreed to pay a lease fee for use of the farmland to provide Sonya with the income she needed to fund her retirement.  They did not have a formalised lease and arranged the terms on a verbal agreement basis , which seemed fair to everyone at the time because of their family relationship.

When Sonya suffered a heart attack, she decided to liquidate her assets by selling the farmland. She felt entitled to do this because it was her property.

Verbal Agreements Can Lead to Relationship and Business Breakdown…

Unfortunately Sonya’s adult children could not afford to buy the land and the new owners plans for the land did not include allowing Sonya’s children to continue farming under a lease arrangement. This resulted in the children losing everything they had worked for – they were effectively out of business and even out of a job.

This sorry story is an excellent example of why verbal agreements are not suitable succession arrangements, even in loving or close families.

How to protect all members of your family in your succession plan

One straightforward succession solution to avoid this disaster would have been to arrange a written, formalised lease agreement between the family members so that the rights of all involved would be protected. The agreement could have been extended to allow the adult children first right to buy upon Sonya’s decision to dispose of the property.

Furthermore, funding could have been arranged with terms to arrange payment over time, or by using insurance to provide immediate funding upon certain events—such as a heart attack.

Discover more succession solutions

You can read the full details of suitable succession strategies for similar situations in Part 5 of my book “Your Business Succession: How To Exit Your Business With Maximum Cash Flow and Profits.”

To Your Profitable Business Exit,
Leigh Riley
Succession Solutions Specialist

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January is almost over and by now you have probably had enough time to think about what you plan to achieve for your business in 2011.

Historical example of a powerful family’s succession plan

If you’re anything like I am, you’ve mixed your business planning time in amongst some recreation time, and been to some movies.  If you haven’t seen it already, I can highly recommend you check out “The King’s Speech” starring Colin Firth and Geoffry Rush.  It’s an unbelievable, but true story of unexpected succession thrusting the stuttering, ill prepared Prince Albert to the forefront of the British Monarchy after his brother Edward VIII abdicated, having served less than 11 months as King.

Poor Albert was forced to assume the role of King George VI (they changed his name from Albert because it is a German name that was thought to be unpopular given the political rise of Hitler).  The underconfident Prince went into overdrive attempting to prepare himself for the business of being King of England and to fill the large shoes his father George V had once worn.  He had many fears to overcome, particularly with his speech delivery; and given his life long stuttering problem, he definitely didn’t feel up to the task.  But his royal duty was calling so he had little choice.  Undoubtedly it caused him a great deal of distress, but fortunately despite his lack of confidence, he did in fact have the qualities that enabled him to become the great King George VI.    The outcome could have been quite different had Albert not had the ability to rise to the occasion.

I have to wonder how many of you may be leaving yourselves open to potential failure due to a poor choice or no choice or strategy for your business succession.  Just how well prepared are your successors to fill your shoes should you suddenly leave your business.  What kind of solutions have you put in place to ensure the continuity of your business along with assuring your own financial success?  Will your legacy live on beyond your reign?

Even if you have your succession plan in place, how well prepared are you and your business to cope with the unexpected and unplanned events that may force a space at the helm of your business such as the one experienced by the royal family in this story during 1936?  Have you chosen your successor by virtue of a formula such as ‘leave it to the eldest child’ as is the practice of the British Royal family?  Or have you taken the time consider who may be best prepared to takeover for the better of the business?

Succession planning should position you and your family for the best financial outcome through any circumstances.

How prepared are you to exit your business with maximum cash flow and profit?

You can learn a lot more about the essential attributes of a successful succession plan in my book “Your Business Succession“.  But before you invest in your business future, you may like to assess just how well positioned you are by taking the FREE customised assessment I’ve designed especially for you to determine how well prepared you are to exit your business.  Simply go to www.BusinessExitQuiz.com The quiz takes about 3 minutes to complete and then I will provide you with feedback about the areas you need to focus on to ensure your most profitable outcome when you leave your business.

If you would like to know more, you can email me your questions or be brave and call me direct … I’ m expecting your call on 1300 499 225.

Here’s to your Profitable Business Succession!
Leigh Riley

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How your family’s health can impact on your business exit profits…

In this series, I am revealing 6 of the Situational Errors that can prevent your business from capitalising when you exit your business at any stage, particularly when the exit is beyond your control. My previous post revealed the first of these situations, where Brian, the owner of a Mechanic workshop, had made an error in judgement about succession planning.  He did not see the need to implement a business exit strategy because retirement seemed a long way off at his age. Unfortunately he developed a severe illness which forced him to exit his business at a very young age, causing financial hardship for his family and job loss to his employee.

In this post I’m going to insist that you don’t limit your thinking to how your own health can impact the continued viability of your business, because this would also be an error of judgement. In my book “Your Business Succession” Case Study # 8 discloses how Judy’s profitable, home based clothing manufacturing business was forced to a grinding halt because her child was diagnosed with leukemia and in need of constant, ongoing care.

How prepared is your business to enable you to care for a sick child?

Judy had some very capable employees, but none were driven or talented enough to run the business without her leadership.

The smaller your business, the more vulnerable it can be if you have to exit early

The smaller your business, the more vulnerable it can be, so structuring your business with an exit strategy for diverse situations is essential if you want to maintain financial viability in the face of the unexpected.  Now you have read about two situations where the business owners thought succession planning was only for people about to retire.  Each had no way of knowing they would soon be forced from their business well before retirement age due to situations beyond their control.   Don’t leave your business exit strategy to chance. Make sure you’re in a position to profit – no matter what the situation!

Business succession solutions

Succession solutions exist for all business ownership structures.  A typical small business exit strategy involves arranging a formal Buy-sell agreement with another interested party. This could be with an employee or a colleague already operating in your industry.

For dozens of tips and detailed case studies to kick start your successful business exit strategy  and invest in your future you want to read the book “Your Business Succession…how to enter, exit and execute your business for maximum cash flow and profit”.  If you don’t find a solution to help you with your business exit plan, I will happily refund the purchase price!

How well prepared are you to exit your business with maximum cash flow and profit?

Take the FREE Business Exit Quiz, and receive your own customised report which will reveal the strengths of your business exit plan and uncover any shortcoming that you must address if you want to maximise your profitable outcome from your business when you exit  – through any circumstances.

Here’s to your profitable business exit!
Leigh Riley

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Overcoming Business Succession Strategy Weaknesses

My previous post consisted of a case study about how to eliminate or reduce tax payable when you exit your business, and in an earlier a post I identified the 8 Exit Strategy Weaknesses that you want to overcome for a more profitable exit outcome.

Being in business requires you to maintain updated knowledge of a vast range of issues, and the economic factors impacting your business are just as important as anything else I’ve covered in this blog series.

Understanding the trends that will develop and change your business as a result of economic factors will be crucial for the longevity and continued viability of your business.

On Friday I was speaking with a dentist who was busy factoring in demographic population shifts and social change to his business decisions.  He was thinking about how these factors that he had identified would affect his Dental Practice earnings over the next 10 years.  Cleverly, he is actively planning his business for the shift in demand, to ensure his Practice continues to remain relevant to the market and profitable well into the future.

Who would have thought that tooth repairs would be affected by changes to the economy?  But dentistry is a business like any other, and this very smart dentist is fully across that fact.

Here’s an economic reality that will affect every business, no matter what your industry or business focus may be.  The Global Financial Crisis (GFC) has had a long lasting effect in ways you may not have imagined.  Even if your business has grown and continued to prosper through this period, it is very likely it will bite you when you go to sell – unless you’ve put in place a healthy exit strategy.

How To Can the GFC Effect Your Business Exit?

If you’re expecting to sell your valuable business asset, start thinking about the price that someone will need to pay to buy.  If you’re like many business owners I’ve met, you may have built an asset that is not easily afforded without the buyer borrowing to purchase.

Now here comes the GFC crunch point: all financial institutions are scrutinizing very carefully the money they lend for business purchases since the GFC.  They will only lend to people who have substantial assets to back the loan, and in the absence of that, financial institutions require a very healthy business proposition with a high level of business asset backing and robust sustainable and proven cash flow.

That reality is certainly applying pressure to business owners who hope to make an easy sale in the immediate or medium term.  The situation isn’t likely to improve for some time, so it wouldn’t be wise to live in hope that it will pass soon.

How can you prepare to sell your business for the price you want?

You want to start preparing now!

• Boost your revenue and continue to show a healthy profit.
• Tidy up your business financial status.
• Identify the trends for your industry and start leading your business into the long term sweet spots of revenue earning.
• Develop a strategy that will position your business earnings for the long term.
• Think outside the square about who will buy your business, and how you can position your buyer to afford your business so you can exit with maximum cash flow and all the profits you deserve for the lifetime of effort you’ve invested in building your business.
• Gather a team of succession experts to assist you in locking in your strategy, and make sure they’re working collaboratively for your benefit, so that you receive the best possible solution that will overcome all the barriers we’ve identified.

If you need a quick summary of the aspects of your business that will get you started on preparing your business succession, you can take the Business Exit Quiz. It’s FREE, and you will receive a customized analysis of your exit readiness with a list of items that you need to work on to maximize your business sale price.  The 10 questions usually take 2-3 minutes to complete.  So what are you waiting for?  Click here now to take the Business Exit Quiz.

You could also read the book ‘Your Business Succession‘ for a comprehensive commentary on how to prepare your business for maximum cash flow and profit at your exit.  Order your copy of “Your Business Succession” online.

To Your Profitable Business Exit!

Leigh Riley

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Business Succession Strategy Weaknesses

In a previous series on why too many business owners fail to exit their business with maximum cash flow and profits, I identified 8 business exit strategy weaknesses that may contribute to a disappointing business succession outcome for you.

My previous post in this series revealed how transparent Terms Of Sale can seal the deal for a favourable business exit
and this post outlines a powerful case study about the impact on final profits of tax payable by an Australian company at the time of business succession.

How To Eliminate Or Reduce Tax Payable When You Exit Your Business – Case Study

In March 1994 the four Cabernet brothers inherited from their father a family-owned Australian wine company valued at $5 million. They inherited equal shares of 25% each at a cost base of $1.25 million each, made up of:

• Active Asset Land Value $3.5 million
• Plant and Equipment $1.32 million
• Goodwill $180,000 [Turnover $720,000]

In November 2008, the Cabernet family decided to exit the wine business and sold the company shares, which had grown in value to $16 million (i.e. $4 million each), comprising:

• Active Asset Land Value $12.0 million
• Plant and Equipment $3.5 million
• Goodwill $500,000  [Turnover $2 million]

The disposal effectively resulted in realised capital gains for each brother of $2,750,000.

Total Australian tax was calculated (after making use of available exemptions) and due on the sale proceeds for each brother. The amount of tax shared among them was $337,500 (i.e. $84,375 per brother, not including Medicare levy, which at 1.5% would be $41,250 each, assuming they all have private health insurance).
NB. This example uses the tax rates that applied in the year the business was sold (i.e. Australian tax rates as at 2008/2009).

If the Cabernet brothers had sought specialist advice and implemented proper tax planning strategies well before the sale, they could have reduced their combined tax liability by $247,500 to only $90,000 (not including Medicare levy). That’s a reduction in tax of $61,875 each, which could have been achieved without changing any of the circumstances in the existing scenario.

Eliminating Tax by Seeking Pre-Business Exit Tax Advice

Had the Cabernet family taken prior advice and been prepared to make just a few slight changes to the scenario before signing the contract of sale, they could have actually reduced their tax liability to nil, which would have saved them $337,500 in tax.

How is this possible?

Tax laws are complex, so your options will vary depending on where in the world your business is located. To fully understand what the Cabernets could have done to achieve a better outcome, you’ll need to understand the rules that apply in Australia. Specialist tax advisers have spent years understanding how the rules can be used to your benefit, so your safer option is always to obtain advice from an expert in capital gains tax law and business transfer in your country.

You will find more specific information on how to reduce tax by choosing the best structure in Chapter 16 of my book, Your Business Succession: How To Exit Your Business For Maximum Cash Flow And Profit with specific solutions to the Cabernet family’s  business exit problem.

How prepared are you to exit your business with maximum cash flow and profits?

Take the FREE Business Exit Quiz (5 minutes of your time) and find out where your business succession strategy may be letting you down, and how to improve your chances of building a business for maximum profits and cash flow.

To Your Profitable Business Exit,
Leigh Riley

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Finally ‘Your Business Succession’ book is ready to purchase from the publisher

After almost 23 years of focus on winning the best possible personal and business financial outcome for my clients, reviewing business exit strategies with allied professionals, and continual research into best practice in business succession strategies, I can’t tell you how excited I am to finally hold this book in my hands and be able to share the valuable information it contains with business owners and professionals who advise business owners.

Proven strategies to boost business profits from start up to step down

‘Your Business Succession’ contains more than 20 detailed case studies, dedicated to all business owners who labor to see their legacy live on. While this book recommends the Stephen Covey principle of starting with the end in mind (7 Habits of Effective People), I can’t stress strongly enough that if you are a business owner who did not start with the end in mind, then the time to start planning for a profitable business exit is now.  Throughout the case studies I reveal the mistakes that you must avoid if you want to exit your business with maximum cash flow and profit.

How to enter, execute and exit your business for maximum cash flow and profit

‘Your Business Succession’ identifies five reasons too many business owners fail to achieve a profitable exit from their business, and also details the exact plans and processes you must follow for your business to achieve maximum cash flow and profits, not only as you exit your business but at all stages of the business cycle.

Advance praise for ‘Your Business Succession’ book

1. “A very timely book. A huge tsunami of business sales is about to happen… in this book, no stone is left unturned. For the business owner prepared to read the book from cover to cover, here is a sure guide on how to conduct a business succession.” Anthony Jensen, AEOA committee member, and currently a lecturer with the school of economics and business at Sydney University.
2. “In ‘Your Business Succession’, Leigh Riley brings real world experience with passion, and solutions to the issues facing business owners leaving their business. This is very positive reading.” Helen Hasty, former manufacturing business owner.
3. “Succession planning is a huge latent problem for our SME market. This book is an end to end toolkit in one place for a proprietor considering succession, and is a solid resource for any professional advising to business owners.” Australian executive business banker.

‘Your Business Succession’ will help you assess how well prepared you are to:

• ensure the quality of lifestyle you’ve worked so hard for
• maximize your business valuation and sale price
• find the right successor
• pre-arrange the sale terms of your succession to lock in your business valuation
• safeguard the value of the business legacy you will leave
• remain in a position of financial power and security at each phase of your business
• be released from debt commitments and exit your business with financial freedom
• maximize your cash flow
• maximize your profit
• exit your business with ease and peace of mind

I trust you will not only enjoy reading this book, but also benefit financially from the valuable information you will discover in the 366 pages of ‘Your Business Succession.’

Click here to buy your copy of “Your Business Succession”

Here’s to your Profitable Business Exit!

Leigh Riley