Why All Entrepreneurs Need An Exit Strategy (And How To Plan Yours)
If you’re just starting a company — or your business is in the early stages — it’s likely you haven’t yet thought of an exit strategy. After all, why think about the end of the journey when you’re just getting started?
Yet no matter what stage your company is in, now’s the time to not only consider an exit strategy, but also create a plan. Think of it this way: your business is an asset in which you have invested money. It has a revenue stream that supports your salary and possibly a sizable distribution of yearly profit. It should be increasing in value so that when the time comes, you will be able to harvest additional wealth.
Planning an exit strategy is the most commonly overlooked consideration of a business strategy, yet the exit strategy plays a key role in determining the strategic direction for your company. By not proactively planning an exit strategy, business owners, their heirs or their successors may find that future options are limited.
Click below to read the full article by Kauffman FastTrac.