Why You Need an Exit Strategy For Your Business

Do you have an exit strategy from your business? If not, you should. Smart business owners plan from before they open how they will get out. Others plan to stay with the business for life and, consequently, have no plan. The majority have simply not given it any thought and may not even realize they need to. This article will take you through some of the rationale for all business owners to have an exit plan, no matter their particular desires or circumstances.

The first reason every business owner needs an exit strategy is because no one really knows what the future holds and if they were to become sick or incapacitated in some way, they would need a way out. So, unless you want to just close your doors and see all of your hard work disappear, you need a plan in case the unlikely happens.

The next reason you need an exit strategy is if you want to move on to something else. You may not think so now, but there is likely to come a time when you want to explore an entirely new or different field or take advantage of a new opportunity that presents itself. If you have no way out of what you are already doing, you are likely to have to pass these opportunities by.

The third reason you need an exit strategy is the best reason of all. If, by some chance, your business becomes such a success that other businesses are making offers to buy you out, then you need a plan to make sure you get the best deal you can. Any deal you make will, no doubt, spell out where and when you can start another similar business, among many other things, so you will need the advice of an attorney to make sure your interests are protected.

The long and short of it is that all business owners, no matter their particular circumstances, need an exit strategy. The need may come from an emergency that forces the owners hand or from the desire to try something else or because they have received an offer they can't refuse. No matter the reason, every business owner needs to plan for their eventual departure.

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