Few things are certain in business life, but there is one universal truth: Be it a carefully planned decision or the result of fate’s swift hand, someday you will leave your business. Most owners measure their satisfaction with their business in terms of the income, wealth, identity, challenge, stimulation, satisfaction and pride that it provides to them. Consider another definition of success that measures a business – not only by how well it operates under your ownership and by the benefits it provides — but also by the rewards it will bestow when you leave it. Because in the end, what you really want and need from your business is the ability to leave it – under the most favorable conditions. The only way you as an owner can do this successfully is to create an exit plan as early as possible and stick to that plan as long as you maintain your business.
Here are some helpful articles on exit planning from our experts:
Why Exit Planning?
Setting Exit Objectives
What is My Business Worth?
Working On – Not In – Your Business
Getting Top Dollar For Your Business
Transferring the Business to Children or Employees: A Recipe for Disaster?
Planning for a Rainy Day
Transfer to Insiders
The Gap Between What You Have and a Successful Exit: Do You know Yours?
Author Kjell C Andreassen, MBA, is a Managing Partner of acceler8 LLC and Exit Planning Advisors LLC. He has extensive experience as an entrepreneur and advisor to a number of emerging and start-up ventures and has held senior executive positions with a number of public and private companies.
The mission of Exit Planning Advisors is to help owners of small and medium-sized businesses create successful exit strategies, enabling the owners to leave their company when they want, to whom they want and with the cash they want.
For more information about exit planning, check out their Website.