One thing successful business owners have in common is a set of clear, measurable goals. However, the everyday challenges that come with running a business can often distract business owners from planning for their future and a lifestyle they want after they’re no longer involved in the day-to-day operations of their business.
Waiting to create an exit strategy has cost business owners millions of dollars and years of retirement. On average, good exit plans can still take 3-10 years to execute all of the strategies in them and could take much longer if a business owner has postponed the planning process.
In addition to planning ahead, in order to successfully exit your businesses on your terms and maximize the value of your business, an exit plan should contain these 5 elements.