How important is an exit plan? When you plan your property business, even with a long-term property portfolio, you need to have in place an exit plan. What is your ultimate goal? Retirement income or equity? At some point, you’ll either want to leave the property business for your heirs or liquidise your investment.
An exit plan often defines the success of your business plan, but it can also simplify matters for those who will inherit the product of your investment. An exit plan helps you protect your investment, helps you define your success, helps you focus on your goal.
Building a successful business with a property portfolio, could mean a very healthy lump sum by the time you retire or continuous profitable investment for your heirs. It all depends on what your goal is and your goal might change over the course of time. But it is important that you have an exit strategy in place because it shows you have focus, it helps you focus on your venture’s harvest time.
The best advice we could give you is to talk it through with a business lawyer. One with expertise both in business law and property investment, as well as specialising in conveyancing work. Have a goal in mind and discuss it with your lawyer, who will help you explore options.
Your lawyer will help you be prepared right from the start of your venture. Experienced lawyers know where the pitfalls are and how to bounce back from challenges. Some challenges might trigger a swift exit in order to protect your investment. With a clear vision and a good business strategy which includes an exit plan, challenging tides can be overcome without too much damage to your equity.
Would you like to discuss your business plan and exit strategy with one of our business lawyers? Please give us a call and we can draft a plan and explore your options. SG
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