Exit Plan For Business
The earlier you establish your exit strategy, the clearer the vision for you and your company becomes.
If you don’t believe preparing is a priority for your business right now, these 10 reasons will open your eyes to the benefits of creating your exit plan early for the present and future of your business.
An exit plan not only helps you to think about the best route forward for you, but for the other people involved in the growth of your organization too.
A pricing plan and a good strategy for getting business capital aren’t the only parts of your business plan that are designed to set you up for long-term financial success. Whether you’re selling the company or merging it with another brand and accessing ongoing compensation as a board member, it’s important to know how you’re going to protect your finances going forward.
It’s about making sure that you have the guidelines in place to guide you all the way from your initial launch point to your ultimate vision of success.
Often in life, we wait until a change in circumstances to make a big decision.
Planning an exit strategy isn’t about wishing for an end to your company as soon as it starts.
A study by Securian Financial revealed that 72% of small business owners have no exit strategy at all.
The reality is it can take years to execute a successful exit, so the endgame needs to be in your mind from the start.
Having at least a basic exit plan in mind will ensure that you don’t go too far off track over the years as you move towards your end goal.
Think of it like the compass that’s keeping you running in the right direction.