Something that doesn’t get considered often – especially during a busines launch – is how the business owner plans to exit their venture someday. Which is fair enough, because the last thing they want to be thinking about while launching or growing a business is how it’ll all end.
The problem with this is that they’re not prepared if something unexpected happens – whether it’s a fabulous offer to buy the business, to health problems that mean they’ll have to step down.
That’s why it’s important that the small business section of your bank’s website has content around putting together an exit strategy. You never know what’s around the corner, but you can plan for it – to some extent.
Business owners need to figure out, as early on as possible, how they plan to exit the business. Do they want to hand it on to a family member and create a legacy? Are they planning to sell to an unknown buyer? Have they got plans in place for if they merge with another company?
The better prepared they are, the smoother their exit – and transition for employees – is going to be. And as their bank, you can help by having content around selling and succession planning available for them to study.
The below article looks at exit strategies in more detail.
Read the full article at: www.carwash.com