Business owners work hard for many years building a successful business. The rewards are worth the effort, but only when they sell their business do they finally realize the full value of their investment of time, effort and money.
However, Business Brokerage Press, Inc. reports that 80 % of privately-owned businesses cannot be sold even by skilled business brokers.
You can avoid being part of this sad statistic by creating an exit strategy.
A well-thought-out exit strategy would allow you to:
1. Sell high with the right timing.
2. Create diversified revenue streams if you desire, so you are not totally dependent on your core business.
3. Leave the competition behind. With planning you can position yourself with other revenue streams, making it easy for you to exit instead of continuing to fight your competition.
4. Leave gracefully with a desirable return on your investment.
5. Know what to do next. You can plan a life outside your business.
Don’t let stress, health, competition, economic troubles, or your family situation be your exit strategy. Be proactive and talk to your trusted advisors to lead you to a graceful exit.