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MFAA Prosper : Mortgage and Finance Brief 07
Exit stage right Hundreds of brokers are approaching retirement age -- and with only 10% of Australian small business owners typically having a succession plan in place, it could be time to take a look at your exit strategy. Words Fran Molloy With the median age of Australian mortgage brokers around 40 years (slightly older than the overall workforce median age of 39 years), hundreds of mortgage brokers are approaching retirement age. And it's the decisions you made when you started your business, as well as the ones you make now, that will affect the way you exit your business. Former AFL player Andy Gowers moved from financial planning to become a succession consultant who advises small business owners on developing exit strategies. "There are few main reasons for people leaving their business," he says, listing these as death, disability, trauma, dispute and either retirement or choosing another career. Whether your exit from your business is a smooth transition, or a traumatic disruption to yourself and those around you, usually depends on whether you have planned in advance, Gowers warns. Most small business owners have plenty of people who rely on them. You have your family, your business partners, your suppliers, your employees and your customers. It's important to think about what will happen to each of them, when you are ready to move away from your role in the business. "Everyone exits their business at some stage," Gowers adds. "I am yet to come across a business where the owner has carried on, surviving for centuries." But while every business owner must move on sometime, few are ready to deal with that reality. A 2010 report from Cameron Research showed that only 10% of small business owners had a succession plan in place. Gowers says that there are four main areas that must be considered: planning an overall strategy, putting Succession consultant Andy Gowers: "Everyone exits their business at some stage. I am yet to come across a business where the owner has carried on, surviving for centuries." Mortgage & Finance brief | 39 BackOffice
Mortgage and Finance Brief 06
Mortgage and Finance Brief 08