How to choose the right exit strategy for your business

Sales, retirements, and unforeseen events can lead to you or a partner exiting your real estate agency, but many business owners aren’t fully prepared for this critical step in their business’ life cycle.

That’s why O*NO Legal – The Real Estate Agents’ Lawyer is addressing these issues in its latest free webinar ‘How to get top dollar when you sell your agency: choosing the right exit strategy’.

O*NO Legal Founder Kristen Porter said the webinar would assist real estate sales and property management principals who wanted to plan their exit the right way to achieve maximum value.

“Have you thought about who will buy your agency when you’re ready to exit and how much you will receive for it?” Ms Porter said.

“Your agency’s long-term success is dependent on a long-term plan – this includes your exit strategy.”

As a specialised firm, O*NO Legal is dedicated to the real estate industry, which means they can offer effective and targeted advice to help you achieve the best sale price when it comes time to sell your agency by choosing the exit strategy that is right for you.  

Ms Porter said the webinar is designed to help real estate business owners who want to increase the equity value of their agency, and be proactive with their exit plans rather than rely on an unpredictable market when they decide to sell.

Attendees will also learn how to make the sales transition seamless and avoid leakages in the sale price.

The webinar covers a range of other topics too, all of which are essential when planning the succession of your business, including:

  • How to get the best deal when you sell your agency.
  • Different business exit mechanisms available to you.
  • How you can increase your agency’s value by putting your employees in golden handcuffs.  
  • The importance of aligning your business exit strategy with your personal estate planning; and 
  • How their real estate agency law experts can help you.

According to Ms Porter, one popular exit strategy is to bring in a business partner and sell down over time, often to a key employee. 

To ensure your succession plan is on the right track, if you use this strategy you need to ensure you have a solid shareholder agreement in place with your business partner.

“Put an agreement in place at the start of any shareholder relationship so that if things go south, you both know exactly what to do,” Ms Porter said.

“This will allow you to easily manage both your obligations and expectations and avoid confusion down the line.

“When building your businesses, it’s easy to get caught up in the ‘here and now’ of business operations.

“However, the long-term success of your agency requires long-term planning.

“The first step? Implementing a plan for your exit so that you get the most out of your agency by maximising its value.”

The webinar, ‘How to get top dollar when you sell your agency: choosing the right exit strategy’, will be held on 19 October at 10.30am AEDT. You can register here.

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Nicole Madigan

Nicole Madigan is a freelance journalist for Elite Agent.

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