Most entrepreneurs are passionate about their business and get caught up in day-to-day operations. But what happens if they had to stop working unexpectedly?
Many business owners have no plans to deal with contingencies in the case of illness or sudden death. A good exit strategy focuses not only on planning for the owner’s retirement, but also on making provisions for business continuation if they can no longer work or pass away.
Business succession options may include an outright sale to a third party merger with a competitor or an employee – there could also be a takeover by a family member. Designing and implementing a successful exit strategy can take years – depending on the option you choose. Start planning as soon as possible and continue to build the process so you and your business aren’t caught off guard.
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