Question: Why do I need an exit plan?
Answer: So you will be prepared to exit your business, which is likely to be your single most important source of wealth.
The exit planning process will teach you what you need to know to make informed decisions about your:
- Goals for your next phase of life; (be that retirement, starting another business or other goals),
- Make a comprehensive plan for yourself and your business and
- Manage the steps needed to achieve your goal for a successful transition.
It will answer the questions:
- What are my personal goals for myself/my family in exiting the business?
- When can I exit my business?
- What are my goals for the business?
- What are my options for exiting the business?
- Can I afford to exit the business when and in the way that I want to?
- If there is a gap between the amount needed for exiting and my goals, what are profit improvements I should take to bridge the gap?
The process itself is iterative. You will refine it as you work through the process. If you’d like to discuss your exit plan, buying or selling your business or other similar topics, please contact me at [email protected] or call 224-688-8838.
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