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Why You Need an Exit Strategy for Your Business

Exit planning provides the road map to control your own destiny; to successfully sell your business and transition

Exit planning provides the road map to control your own destiny; to successfully sell your business and transition to the next stage of your life.

“If you don’t know where you are going, you will wind up somewhere else!”  Yogi Berra

An exit plan helps to establish realistic business, personal and financial goals with a path to achievement.  Your desires in these three aspects of your life must be consistent. Like a road map, you need to know where you are before you can determine where you are going.

A good exit plan begins with an assessment of your current financial situation, a baseline business valuation, and the value of other assets you own.  To establish longer-term goals such as how long you intend to own the business, what you intend to do after selling it and to whom you would like to sell the business (children, employees, third party).  This information lays the groundwork for that determines your future financial needs.

Here’s an article that further talks the need for an Exit Strategy for your business:

 

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