I’m always happy to pass on great info…and this is great info! I’ve included a few snippets below lifted from the full article.
As a business owner, you should always be thinking about your next move. In some cases, that’s your exit strategy. Even if it’s not your exact next move, an exit strategy for small business is something you should always be keeping in mind.
What will become of your business once you’re no longer involved, and how will you come out on top? There are various options for a small business owner when they are ready to exit—and many reasons for that exit.
See below for a guide on the best way to plan for your business’s future and the many ways you can successfully move on or transition from your business.
First things first.
What Is an Exit Strategy for Small Business?
An exit strategy is simply a plan for what will happen when you want to leave your business. It describes and outlines the form that the transition will take. That’s it!
Your exit strategy doesn’t have to mean disaster or failure, or even imminent action—in fact, many business owners start their business with the express purpose of exiting after X number of years. It doesn’t mean they are less committed entrepreneurs. It just means they are realistic.
Do you need more detail on this subject? Head on over to the full article here for more ideas and perspective. Afterwards, why not drop me an email to share your thoughts rohanwood3@bigpond.com; or call me on (0407) 764-261.
Thanks,
Rohan
An exit strategy in a business is nothing but a way of ‘cashing out’ a speculation. An exit strategy allows a business owner to plan how to optimize a favorable situation, rather than getting out an unfavorable affair. There are three types of exit gateways- 1)Initial Public Offering, 2)Merger, & 3)Acquisition. Consulting a business consultant will certainly come handy during the formulation of an exit strategy.