Don't just let your exit happen.
Your business plan is your roadmap for starting, growing, and exiting your business. Be sure to map your journey to get the most out of it.
It is never too early to start planning.
Start thinking of your exit strategy right from the beginning.
Know all your options.
Explore and carefully evaluate all the ways in which you could possibly exit your business. Ensure you understand each option and choose the one that is best for your business—and for yourself.
Understand the implications of your optional exit strategies, including:
- Succession planning. Make sure you have a formal, written succession plan for a smooth transition. Retain the services of a lawyer and accountant to help you sort through the legal and tax implications.
- Selling your business. Find out how much your business is worth, and position it for sale.
- Closing your business. Understand your obligations to the various government agencies.
- Bankruptcy. Enlist a trustee in bankruptcy to assist you.
Write your exit strategy into your operations plan.
Anticipate and plan for any potential legal, contractual, or employee obligations so you don't get caught off-guard.