The reality is that you’ll probably leave your business someday, and it’s important to have a plan in place for when you do. Not only will potential investors want to see that you have an exit strategy, but it also helps give you control over your business’ future.
In many cases, an exit strategy involves preparing the business for a change of owner. Executing a well thought-out plan can increase your sale price, and ensures the business will continue to thrive after you’ve left. When planning an exit strategy, there are a number of questions to consider:
- Will you sell the business, pass it on to a family member, liquidate it or otherwise?
- How much is your business worth?
- What can you do to improve the value of your business between now and exit time?
- What do you need to do to ensure your finances are in order?
- How will you handle employee termination procedures, if applicable?
- How will you make yourself redundant?
In this section, My Business helps you answer those questions with tips and advice on planning a successful exit that suits your goals.