BUSINESS OWNERS RESOURCE NETWORK BLOG

Business Owners Need to Plan an Exit Strategy

Posted by Taylor Ranker on Jun 7, 2017, 12:45:00 PM

Taylor Head Shot 0217.png70% of private business owners report that their business is their primary source of income; yet, only 20% of small businesses are successfully sold to an outside buyer.

Over the next months, I plan to share some thoughts and disciplines around business plans for exit strategies, employee retention during ownership transition, selling your business to the right buyer and other relevant subjects around eventually exiting your business. It's my hope that you will find these tools helpful, whether you are a get me out now business owner who is feeling the burn or, an "exit over time owner who is just thinking "how do I go about selling my business?"

Questmont’s definition of an exit strategy:

“The written goals for the succession of a business’s ownership and control, derived from a well-thought-out and properly timed plan that considers all factors, all interested parties, and the personal goals of the owners in a manner and time frame that accommodates the business, its shareholders, potential successors and/or buyers.”


Let me say clearly, this does not say, "sell your business

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Topics: Financial Planning, business owners, cashing out