What’s Your Exit Strategy?

My dad has been sick this week, and I’ve been spending a considerable amount of time with him at the hospital. Since he’s a successful small business owner for 30 years, we’ve spent some time discussing his plans for the future. It reminded me of many of the self-employed readers that I have.

What’s Your Exit Strategy?

Have you thought about, or do you have answers to the following questions:

• What would happen to your business if you were unable to work for an extended period of time?
• When you decide to exit the business, what approach will you take? Close it, sell it, transfer to kids?
• If you plan for the business to remain in the family… do your children have the same plans?
• Does much of the success of your business rely on your personal relationships and knowledge? And if so, can that actually be transferred to another person?

Running a small business can be very rewarding on both a personal and financial level. However, there are a lot of things to think about when an exit must be made (planned or unplanned). Obviously, the better prepared you can be, the smoother it will go. At this point, for my dad, the future of the business is uncertain.

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