As a business owner, you devote a great deal of time and energy to planning and preparing for growth and success - rightly so! Starting (or taking over) a business is a huge commitment. For many entrepreneurs, it is the fulfillment of years of dreaming and planning. You've turned vision into reality, and will do all that you can to keep it thriving.
But, then what? What happens when you're no longer willing (or able) to keep investing your "blood, sweat, and tears?"
What is your exit strategy?
Whether you are ready to retire, passing a family business to the next generation, or faced with factors that are forcing you out of business, you will need a plan when it comes time to make your exit.
According to this "5-minute read" from Entrepreneur magazine, "78 percent of small business owners intend to sell their businesses to fund their retirements" but less than one-third have a written succession plan. The article offers a great introduction to the many issues you should consider when planning your exit strategy.
Another good introduction is this video from Lynda.com, LinkedIn's online learning site:
Finally, the U.S. Small Business Administration (SBA) offers a wealth of resources on the topic, including financial, legal, and tax considerations.