Don’t start a business you are not willing to sell. That creates a healthy business environment that creates strategic thinking.
Best wise owl advice: At some point, even Owls have to leave their nest.
An exit strategy is a way of leaving one’s current business after a predetermined goal is achieved or as a strategy to avoid failure. A business without an exit strategy will get stuck. This allows a withdrawal of one or more people when the objective gain is worth more than the continued involvement of that person.
We can’t imagine anyone owning a business that doesn’t see the business as an exit strategy for something new. When we start out, we think we will always want to do this, and the more successful we become, the less we think we will leave
Exit strategies bring the hard questions to the table. And it helps you grow your business to achieve your goals for yourself which keeps you in a win-win situation.
Questions we will ask?
- Under what circumstances would you withdraw from your business?
- If you have partners, what are these circumstances
- Can you leverage your business to fund retirement?
- Do you have safeguards in place to protect you and the business?