Business exit planning could be on your mind for one of two reasons
You may be thinking about business exit planning for one of two reasons. The first may be because you’re feeling a pull to do something else outside of work. The other could be because you have reached or are close to financial independence. At some point, these thoughts are likely to coincide, and that’s when the desire to exit your business will be the strongest.
But you can’t exit your business before you have a step-by-step plan
Wanting to exit your business is one thing, but planning for it is quite another. You need to think about what your Exit Objectives are, and how you can reach them, by building out a step-by-step exit plan. You can’t just do it at the spur of the moment, either. You need to set aside time in advance of leaving to ensure the best outcome for you and your business.
We’ll take you through a seven-step exit planning process
Every succession plan is different, but every exit plan, done correctly, is comprised of seven steps, and shares a few common characteristics. First, the steps work to increase the value of your business, both in the short- and long-term. Second, the plan is put into writing, and doesn’t just exist in the ether. Third, the plan holds specific people responsible and accountable for every identified task.