Far too many business owners fail to plan for their eventual
exit from their business. Some cling to the myth that a knight in
shining armour will come riding along and make them an offer they
can't refuse for the business. Others simply get so wrapped up
in the day-to-day running of the business that they never take time
to plan for their future.
Why should you plan your exit?
When you own a privately held business, your company is your
biggest and most important asset. Whether your exit from it is
planned or unplanned can make a huge difference to your future.
Without some sort of plan in place, you will likely receive a
much smaller financial return on the business than you deserve.
Worse, you run the risk of wandering aimlessly through retirement
wondering "Who am I?" and "What went wrong?"
But if you make conscious, purposeful choices about when and how to
leave the business and what to do afterwards, you will end up with
an infinitely more rewarding outcome.
