How do you make sure your business is on the best possible footing when you are ready to leave it? Here’s our advice…
What is a business exit strategy?
An exit strategy is a plan for wrapping up your involvement in a business. For most people, that means readying the business for a change of owner. Executing a well thought-out exit strategy can increase your sale price, while ensuring the business continues to thrive after you’ve left. This can also be called succession planning.
Succession planning definition and goals
The aim is to leave your business in the best possible shape for a new owner. That means it should be operating at peak profitability, the books should be spick and span, and all your processes will be written down so a stranger can come in and run the place. Oh, and the business won’t need you anymore – no matter how important you once were.
It takes years to do all this. That’s why it’s never too soon to start on your succession plan, or exit strategy.