MORE than 60 per cent of small business owners do not have an exit strategy in place, research has suggested.

The figure comes from Dorset chartered accountancy and financial services firm Ward Goodman, which recently held a workshop on the subject.

It ran the workshop on exist strategies for business owners and entrepreneurs across Dorset.

Ward Goodman said a business was a significant asset for most owners and its fate was being left to chance if they did not have an exit strategy.

Such strategies were crucial to make sure the owners could gain the highest value when the time came for their departure, the firm said.

Ward Goodman managing director Ian Rodd said: “The key to any exit strategy is preparation – knowing and preparing in advance for what may happen to your business once you have decided to step away, whether that be selling the business through means such as outright acquisition, a buyout through current management or passing the business onto an heir.

“An exit strategy is the best way to ensure you remain in control and have the appropriate steps in place so that you gain as much possible from a departure.”

He added: “It is inevitable that one day all business owners will depart from their business. Even if your business has just started, having an exit strategy in place can help you keep track of your businesses value and ensures much more security when the day comes for leaving your business.”

Regardless of how hard-working, knowledgeable and experienced business owners are, or how successful their business is, the lack of an exit strategy could severely undermine the value business owners take from their firm on leaving, Ward Goodman said.

Ward Goodman has offices in Wimborne, Ferndown, Wareham and Shaftesbury.