Since you own a business or plan on having one in the near future, you have an exit strategy, right? Your answer is probably No, which is typical for many people in their first venture of working for themselves. Every owner will eventually exit their business even if they run it until they die. But then what?
Not having an exit strategy before, or very soon after, starting or buying a company is a dangerous proposition. An exit strategy is very important to your personal business plan as well as your tactical business plan. It gets you prepared for the future but also allows you to be ready if something unexpected happens such as an unsolicited offer to be bought out.
Knowing how you want to exit your company and when will allow you to build it successfully and get out at a high value rather than when you are bailing out. Exiting includes selling to an outsider, an investor, a partner, an employee or a family member. It could also mean not completely leaving but just selling, or giving up, enough interest to relinquish day-to-day control while still maintaining an income.
Without planning for these things, you cant possibly build the value you need...
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