Once you’ve become comfortable with the idea that you want your business to continue after you’re no longer around, you must plan for succession in order for it to become a reality. How do you start?
"What is your exit plan?"
Business owners should start asking themselves this question on the day they open their doors. But they don't. There are many reasons for this, beginning with the hope that the business will never fail. Even in the rare businesses that do last, however, there inevitably comes a day when the owner wants to leave the business. Preparing for that day is the key to a smooth transition.
Sometimes, you can become so busy running a business that you are overly focused on the "here and now." But for long-term success, you want to keep an eye on the future as well. Here are some of the tasks you need to focus on:
Here are some concerns you may want to consider:
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