Business Point

When the time comes for you to move out of your business, you need to be prepared. Exiting is a process rather than an event. It involves planning for your successor, working towards extracting yourself and deciding how to leave on your terms.

Exit strategies

There are several primary exit options available to most entrepreneurs who are ready to leave their business. The individual appeal of each option may vary according to your operation's size, level of profitability, urgency of the exit, and other trading and personal reasons for exiting.

Succession planning

Whether you decide to sell up, retire or have to get out of business for other reasons, it’s important that you plan for that day. A succession or exit plan outlines who will take over your business when you leave.

Selling up

Selling your business is one of the most important decisions you'll have to make. Deciding how much your business is worth is one of the main issues you'll need to consider. Other factors to consider when selling your business include when is the best time to sell and whether you should make use of a broker or other professionals to maximise selling opportunities.

Australian Securities and Investments Commission (ASIC)

ASIC is Australia’s corporate, markets and financial services regulator. The Insolvency section has information to help you make decisions when dealing with insolvency and external administrations (for example voluntary administrations, liquidations and receiverships).

The Insolvency and Trustee Service Australia (ITSA)

ITSA is the government agency responsible for the administration and regulation of the personal insolvency system in Australia. You may seek advice and assistance by locating and talking to a financial counsellor, accountant, debt agreement administrator or registered trustee.

Enterprise Centres Tasmania (ECT)

Business consultants from Enterprise Centres Tasmania offer free and confidential guidance on areas such as succession planning and exit strategies. 

Business Mentor Services Tasmania (BMST)

BMST provides free business and community mentoring services. BMST has over 110 experienced, successful and accredited volunteer mentors that offer statewide support.