Plan Your Exit

History has shown that problems arise when a ruler does not have a proper plan for handing down control over his or her domain, and the same is true in business. Owners approaching retirement may want to sell their business to an outsider, employee, or partner, or transfer their interests to family members. An exit plan helps ensure a smooth transition. Without an exit plan, the business can suffer from a legal war of succession. In fact, you may never even get started in business without an exit plan, as most investors require that a viable exit strategy be in place before funding a venture.