Why Business Exit Planning is Important | Greg Johnson

Don't Retire, Refire Podcast

In this episode we explore why it's important for business owners to plan their succession to next generation or staff, or their exit as an outright sale to a new owner. Often the business is the owners “superannuation” plan. By this we mean that often business owners reinvest everything back into their business and little is saved in traditional superannuation for the ultimate next state of life. Greg gives us some insights as to what drives value in a business and as such what can be improved over time to increase its value. He also talks about his experience with the emotional reluctance of a lot of owners to actually move out of their business in that they often have their identity tied to it. This is a must listen for entrepreneurs and their advisers.