One day, it’ll be time to part ways with your business. Unless you close it down altogether, you’ll likely transfer ownership to an ambitious investor. Or maybe pass it down to a family member.
Either way, you’ll need a solid plan in place for a painless transition.
Preparing for this moment now can help you maximize the value of your business and prepare for success in the future.
Let’s take a closer look at some business planning essentials to keep in mind when creating your exit strategy. But first, let’s define a business exit strategy so we’re on the same page.
What is a business exit strategy?
An exit strategy is a plan for stepping away from your business.
For most owners, this means getting the business ready for transfer.
A smart exit strategy increases your business’ value. (Coinbase, for instan