Plan out of your business

Sooner or later, willing or not, intentionally or unconsciously, small business owners decide how they will leave their business. Do they bring your feet first out the door at death; They sell; They transferred business to the next generation; Or they took another road outside the door: that day it will arrive when every owner makes their last way out of their business.

Even where the owner has partners, other shareholders or equity owners in a business that have approved a plan that allows one owner to leave business while the remaining owners run the operation; There may be problems where the partners or owners of equity are all about the same and tend to get out of business at the same time. Unless the owner’s departure plan guarantees the transition from an older generation, the presence of partners or other equity owners only means that the problem of how to leave business is a problem for the owner as a group of only for an individual.

Anticipating their inevitable exit must encourage every small business owner to realize their options and plans realistically for their departure first. A owner must start thinking earlier, often and realistically about how they can realize their business value when they leave. The owner’s mind must adapt to changes and opportunities that change to leave their business as owners and business age. The main out of the owner of their business is unavoidable. Just how the owner left their business and whether the departure was deliberately made before they died or being paralyzed was in their control.

The essence of this short record is simple. If you don’t have a plan to leave your business, make one. If you have a plan, review it regularly to make sure it will succeed. If necessary, change your plan as a condition and opportunity to change. When opportunities arise, consider them carefully in your current context and your long-term goals. Like most things, the more owners think and plan to leave their business, generally the better and more satisfying.

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