A recently published article from Business.com entitled “Why Every Business Owner Needs an Exit Strategy” outlines the importance of having a detailed plan or exit strategy, is for business owners to successfully make the transition between businesses. Exit strategies are beneficial regardless of what point owners are at, in running their business. The author uses an analogy involving building construction: if multiple exit options are required for each floor of a multi-story commercial building in preparation for disaster, why not plan for the same in your business?

As can be expected with most elements of a business, exit strategies will vary depending on the business and will be tailored to each specific business’s circumstances. The basics, however, include the following:

  1. Business Goals
  2. Timeframe
  3. Intentions for the Business
  4. What’s Next for the Business Owner

While some may argue against incorporating an exit strategy into a business’ initial business plan, some benefits for exit planning early on include enhanced business value and the ability to use the strategy as a blueprint for success or a flexible template for sale preparation. Whether or not an owner decides to pursue exit planning now or further down the road, these are all factors to consider.

Click here to read the full article.

Having An Exit Strategy For Your Business
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