What kind of exit is possible?
Start by describing the route you are considering and what you want to achieve. Selling to another party, transferring a family business and closing an operation are different events. The accounting work should reflect the intended outcome.
Get the business figures ready
Bring the accounts, current figures and details of assets, debts and ownership together. Identify information that needs updating before it is shared with another party. Clear records can make discussions more informed even before a transaction is agreed.
Consider tax and timing
Timing and tax should be considered before commitments are made. Company and personal positions may both be relevant. Avoid treating an indicative sale price as the amount you will ultimately receive without considering the wider facts and costs.
Coordinate the wider process
An exit can involve accountants, solicitors and other advisers. Agree who is responsible for each part of the work. A consultation can help identify the financial questions and the information to prepare for the wider process.
Your questions, answered.
How early should I start preparing?
Start before commitments are made where possible. The appropriate lead time depends on the route and the condition of the records.
Does an exit always mean a sale?
No. Succession, transfer and closure can also be exit routes and raise different questions.
Will I need legal advice as well?
Often, particularly for agreements, transfers or a sale. Accounting and tax advice do not replace legal transaction work.