Entrepreneurs should always be planning for an exit. So what will your exit look like — a sale, a merger, a buy-out by a partner or joint venturer or, perhaps, a legacy to children or other relatives?
Ideally, (and, perhaps surprisingly) the time to begin thinking about an eventual exit is at the time the business first launches; an entrepreneurial business should always have an exit plan in mind. But, if you haven’t already planned for an exit, don’t despair, it’s never too late to begin developing an exit strategy.
Exit strategies are often much more complicated than people imagine. Exit strategies might, for example, include staffing issues, contractual issues, estate planning issues, tax issues and, even, insurance issues. These issues are often not simple, and the stakes are incredibly high: failing to properly plan for an exit could result in huge financial and tax consequences that could easily undermine years, or even decades, of hard work.
Exit plans are a “kids don’t try this at home” type of challenge. The decisions of what to do are yours, of course. But, creating a plan to successfully accomplish your goals — assembling a team of experts (lawyers, accountants, insurance agents and others), and managing the process of putting the plan into place, is something Strategy That Rocks specializes in. We’ve developed and implemented successful exit strategies for dozens of companies. And, we can do it for you, too.