Exiting your Business | Enterprise North Canterbury

There comes a time when it is time to step back from your business. Whether you are selling your business, passing it on to your family or simply wanting to spend less time at the helm, the things you need to do are quite similar.

We've created this page to offer our tips, resources and services that may assist you with improving the sale or hand-over of your business.

Where to Start

The most important thing is to ensure that your processes and systems are good enough that the business can survive and thrive without you. All the knowledge that is stored away in your head should be documented and easy to find. Your staffing should be robust enough that they don’t need a business owner on-site all the time keep them functioning.

Plan tiles business plan In short – you need to make yourself unnecessary.

You need to make the business easy to understand and transparent in how it works. You want prospective buyers to be able to see the value in what they are buying, and you want anyone taking over the business to be able to easily step in.

If you are passing the business on to your family, succession can be fraught. You need to be very careful to be fair to all family members. Many families have bitter relationships because of siblings feeling they were not treated fairly in the passing down of the family business.

The earlier you can prepare for selling or succession, the smoother the process will be. The good news is, the steps you put in place will increase the value of your business, improve its efficiency and increase your profit.

We suggest getting outside assistance in getting the business ready for sale or transfer. When you have worked in and on the business for years it can be hard to see what needs to be put in place, and even harder to put a realistic value on what you have put so much hard work into.

Free Resources for Preparing your Business

Stepping Back – Some things to think about if you are intending to exit your business
Small Business Exit Strategy – A guide by Xero
Exiting your business – Some resources from ANZ
Quick Focus Business Plan - A short and simple business planning template
It’s Easy – Designed as an emergency preparedness guide, but a handy way to list the essential elements of your business
Institute of Directors – Governance information; useful when you are passing the business to more than one child
Selling Your Business – A list of things to think through from the Ministry of Business
8 Things to Consider – An article about selling your business by MYOB

If you know of other free resources that would be useful to North Canterbury businesses planning on selling or succession, please send us the link for our consideration.

Local Selling and Succession Services

If you are looking for local business services to help we encourage you to view our list of Business Service Partners. These are businesses that have partnered with Enterprise North Canterbury and offer services for businesses in North Canterbury.

		BDO BDO is a full-service accounting, audit, tax and advisory firm. BDO is part of a network of international member firms, with 11 independently owned accounting practices in New Zealand. More Info

		North Canterbury Business Services North Canterbury Business Services Ltd is aimed at providing the local help and support you need to succeed; letting you focus on what you do best, supporting your customers with products and services that are your expertise. More Info

		Corcoran French Local lawyers offering effective solutions and peace of mind. Our focus is on the small to medium business sector in NZ. Corcoran French has strong ties to the North Canterbury region, having been part of the Kaiapoi community for 125 years. More Info

		Next Level Tradie Specialist business guidance for your trades or construction company: Thinking about selling, handing over to next generation, or putting a manager in, so you can retire or step back? Get in touch with Next Level Tradie – by achieving consistent profits and making your business less reliant on you, you’ll have much better options. More Info

		Saunders Robinson Brown Saunders Robinson Brown is one of Canterbury's leading law firms, with offices in Christchurch and Rangiora. Exiting a business can be a daunting prospect. Our focus is on helping you get it right from beginning to end. Ask us how we can help you. More Info

		ANZ Different businesses have different challenges. Whether you’re a sole trader, start-up, rural business, larger commercial or institutional business our specialists have the knowledge and experience to help you achieve your business goals. More Info