No exit strategy for 67% of small firms

AN SFA survey, carried out in conjunction with Ulster Bank and Mazars, shows that 67% of small businesses do not have an exit strategy for their business in place.

SFA assistant director, Avine McNally said business succession planning is a critical part of any business strategy and simply seeks to manage the smooth transition between the current and the future owners of a business.

“Whether it is concerning the future management of a business, how ownership is going to be passed along, as well as financial and taxation concerns. 97% of businesses in Ireland are small firms, so it is essential that small business-owners plan for the future of their business.”