You know how things work in terms of starting and running a successful business. You’ve hired the right people, offered a useful product or service and developed high-quality relationships with your customers and vendors.
None of these things magically appeared out of thin air. You most likely followed a proven process, mixed in with your own creative problem-solving, to build a successful business. The same adherence to process that applies to starting and running a successful business applies to a successful business exit.
Whether you’re looking to exit your business in 10 months, 10 years or never, one fact governs them all - all business owners, even the hardest-working, most-dedicated workaholics, will exit their businesses someday. Whether by choice, death or otherwise, you need to be able to answer the question, What will happen to me, my business, and my family upon my business exit?
While this may seem like a heady, rhetorical question, the consequences of planning have real effects on the things you care about most.
How can you address this question with a concrete, actionable answer?
In our experience, the answer to that question is a thoughtful and systematic exit planning process. Let’s briefly look at the steps you can take to address the needs you, your company, and your family have as you approach your business exit.
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