A GROUP of business owners  gathered on Monday evening, to learn how to plan a successful business exit when the time is right.
They were part of the special session organised by Inglewood Development and Tourism Committee.
 Startup Central Victoria’s Kerry Anderson said: “Even a startup in its early years should be thinking about when an exit is appropriate whether it be in five, 20, or even 40 years time.”
Guest presenter Michael Kerr shared more than 20 years of experience in guiding owners to prepare their businesses for sale. 
“Selling is an emotional roller coaster,” he said. “The more you prepare, the better the outcome. Ideally it is a four-to-five-year plan.”
Michael encouraged businesses to think from a buyer’s perspective when preparing for sale. 
“Get your accounts in order. Tell your story,” he said.
While four years of financial transactions would provide a solid picture of how your business had been performing, he said that owners shouldn’t be afraid to project what the figures might look like into the future.
“Talk with your taxation accountant early so you have a plan for anything that might need to be done in the leadup, so you get the best outcome when you do sell,” he advised. Discussion also touched on the advantages of separately valuing the business from the property. 
“Think about whether you need to make any changes to your business structure. 
“If your business is profitable, it could give you the option to sell the business and lease the property as a passive income.”
Finding buyers can be time consuming and costly. Michael suggested researching and then approaching similar businesses that might like to branch out into a new part of the region as a way to broaden the potential buyer pool. 
Depending on the type of business, he also advised to consider the benefits of a specialised business broker to assist with a sale over a property realtor who may just focus on the land, bricks, and mortar. “And you can always do it yourself.”
“You don’t like to think about retirement,” said one of the business owners in attendance, “but now we know that we need to work with our accountant and get the books in order. This has given us a timeframe to work to.”
IDTC secretary Wendy Murphy said: “This has been a useful discussion to help local businesses understand how they can exit in a positive way that benefits the seller, buyer and the community.”