Why is it important to have an exit strategy prepared already, in the early planning stages of your business? Because it is in your best interest to plan ahead for future scenarios – it is parallel to the process of developing a personal Will and Testament. With such a plan, you are setting up you and your business for continued success.
As you have learned, it is prudent to have a plan for parts of your business, such as finances, market share, employees, quality standards, risks and now the exit plan. You are beginning to see how all-consuming it is to be an entrepreneur. You are investing so much time, energy, and resources into building your business. That has VALUE and is best to hold onto.
What are some possible reasons an entrepreneur may need or want to stop operating their business?
When a business owner makes a plan for closure, sale, or management transition it is because they recognize that this step is an inevitable part of the entrepreneurial cycle.
Listen to this audio on various exit plans for a business. Which of these would apply to you and your business?