An Exit Strategy is much more than just how you are going to end your business.
Did you know that one of the biggest ingredients to having a truly thriving business is an exit strategy?
What is an exit strategy?
An exit strategy is knowing what the longer term (and potential end) plan is for your business.
- When will you retire?
- What will happen to the business when you do?
- Do you want to sell shares in a privately held company at some point or would you like to go public and have stock in your company traded on the stock exchange?
- Do you want your kids to take over your business?
- Do your kids want to take over your business?
All of these and more are the things that go into an exit strategy. But more importantly they are what makes the difference in your business between just doing something you love and having a profitable business.
Plans, systems and all the things that an investor or even someone buying your company would look at are the exact same things that are the things that make your business an asset. Whether you sell, seek investment or just want to look good to a bank, all of these things are what makes up both your standard operating procedures as well as your exit strategy.
Listen in as guest Ace Chapman talks with host Steve Kidd about Your Exit Strategy and shares some insightful tips on how you can have a truly profitable and growing business that will last well beyond your lifetime. Today on Thriving Entrepreneur