Ascend Business partners have developed a systematic approach, called the “Seven Steps to REFIRE”, to work with business owners to increase the value of their business and improve their profits. This allows them to exit their business with a valuable asset they can sell, transition to the next generation, or provide them with an ongoing passive income.
In this blog we share the second of the seven steps – Define your personal outcomes
Where are you at in your personal journey? You created your business to fund a lifestyle and create a valuable asset that one day you can sell or transfer, as a way of increasing your wealth. Often the biggest challenge for business owners is to know when is the right time to step away from their business, even though it is inevitable that one day we will all leave our business. A good succession plan will start with developing an understanding of what your personal goals are, and then determine how your business will help you achieve those outcomes. A thorough consideration of the various exit options available to you, including sale of business, transition of ownership to family or management, or creating an ongoing passive income, will help you choose the best way for you to extract wealth and live the life of your choosing.
The following fundamental questions are designed to get you thinking about some of the most important aspects of your personal plans. Review your answers with a Certified Exit Planning Advisor to assess your aptitude for staying on in your business:
Use these questions to start thinking about the next phase of your life. There are many things that you can go on to do after you step away or out of your business. Creating clarity about what you will do in your retirement will provide you with the inspiration to make the necessary changes to achieve your personal goals.
Why leave your future to chance?
Take the personal readiness questionnaire available for free on our website at http://ascendpartners.com.au/#syb. This report is a deeper look at the personal factors you need to properly consider and you will receive a detailed report helping you reflect on your answers.
We are here to help
To find out how to create the ideal exit strategy designed to meet your personal needs choose one of the following easy options: