Exit Strategies: Plan for the future; don’t get caught off guard.

By: A Staff Writer

Updated on: Jul 13, 2024

Exit Strategies: Plan for the future; don’t get caught off guard.

Do:

• • Consider your long-term goals for the business.
  • Explore different exit options (sale, merger, IPO, etc.).
  • Prepare your business for a potential sale.
  • Consult with financial and legal advisors.
  • Regularly review and update your exit plan.

Don’t:

• • Wait until you’re ready to retire to start planning.
  • Assume your business will sell itself.
  • Overlook tax implications and legal considerations.
  • Neglect to groom a successor (if applicable).

Takeaway: Having an exit strategy doesn’t mean you’re giving up on your business. It means you’re proactively planning for its future and maximizing its value. Don’t leave your exit to chance.