An exit strategy is actually part of your business plan. In the sequence of documents within a business plan, the exit strategy is the last portion of the plan. It outlines how you want to leave or let go of your company.
While it may feel too soon to start planning for the end, planning your exit strategy early on is essential. An exit plan allows you to build a stronger business.
An exit strategy gives you the ability to build your business to achieve your long-term goals. For example, let’s say that you decide that your exit will be to sell your business and use the money to start an early retirement.
You can then take measures to focus on growth areas that will provide you with the highest sales price. You can position your business and your systems to be highly competitive and easy to acquire.
An exit strategy also helps you control how and when you exit. Life is full of surprises and events like death, divorce and disability can impact your ability to do business. If you have an exit plan, you don’t have to worry about losing control.
There is more than one way to exit your business. Next, let’s take a look at your options so you can choose the path that is best for your personal and professional goals.
If you are interested in exploring a merger or sales opportunity, please contact me, I am always on the lookout. We can have an obligation chat about your business to see if there’s a way for us to work together, or I can look into my contacts to see if I can connect you with anyone that would be better suited to help you.