Better Business  

'Prepare for Fos to chase you after retirement'

"Planning is key. It is never going to exactly according to plan and the landscape in our industry can change all the time. But if you have a plan in place you can be flexible and make sure your business is more valuable and perhaps more sellable."

Likening preparing a business to the "simple terms" of selling a house, she also encouraged people to think about their brand and make things as attractive as possible.

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Preston-Todd agreed: "Planning is absolutely key. You need to consider what might devalue your business. What if you are using archaic technology or you are still a paper-based business?

"These are not things that map across well to another business. These sort of things could potentially devalue your business. It is about the planing and taking a step back and revising that plan as it goes along."

simoney.kyriakou@ft.com