Ideally, you should make your decision three years prior, but this is not always possible. You will need to plan ahead and start gathering information from brokers that will attract prospective buyers. You can also do an independent business valuation. This early planning phase is viewed by some as an exit strategy. The duration it takes depends on a number of factors.

The New Year is upon us and with the holidays behind us, it is time to get back to business. Living in WA in particular means coming to grips with the economic outlook for our region, which is tipped to be “difficult but not dour”. A June 2016 report from St.George Bank states that, “The (WA) economy is now larger but growing at a very modest pace. Growth is based on exports rather than domestic demand. The outlook is difficult but not dour. Another tough year ahead is expected but the economy should expand courtesy of the export sector.”

As a business owner, it is vital to the strength of your business to assess if your business is moving forward or not and knowing its true value is key to planning a positive future for your business but also for you personally. It is important to have an official comparison between the price you paid for your business and the current value of it. Once you have your valuation, you can then work on a profit improvement plan. Get an independent business valuation!