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Subject: When is the best time to create your business exit strategy?
Do you have an exit strategy for your business? You might be surprised to learn that the best time to create your strategy is actually as you’re writing your initial business plan. That’s right. You want to create your exit strategy BEFORE you start your business.
What Is an Exit Strategy?
An exit strategy is a decision about how you’re going to end your business. It seems like a strange thing to think about when you’re writing your business plan. After all, you’re focused on starting your business and making money, not getting rid of your business or closing it down.
However, having a clear picture of what you want to do with your business can actually help you set better goals and start your business off on the right foot. For example, there’s a difference between planning to sell your business versus planning on liquidating it. If you’re planning on eventually selling your business, you might set it up a bit differently and focus on growing it in ways that would make it more valuable to a potential buyer.
Why Would You Think about Leaving Your Business Now?
Thinking about, and planning for, the eventual end of your business helps you position your business more effectively. Additionally, it also gives you a clearer picture about the life of your business. And let’s face it, even if you think you’ll own your business forever, life is full of surprises and it’s important to be prepared for them. Having a clear plan in place for your business helps you manage any potential challenges.
There are more options to a potential exit plan than selling or liquidating your business. Next time we’ll take a look at the different exit strategy options. This information will help you create the best exit strategy for your needs and goals.Other Details
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