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:
- Business Goals
- Intentions for the Business
- 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.