Exit Plan: Why You Need One

October 3, 2008

None of us know when the “right” time is to sell our business. In the next 20 years over 90 million people in the USA and Canada will retire. Over $10 trillion will transfer and over 70% of businesses will change hands in a shorter time frame.

We all had a plan to get into business, usually because a lender required it.

Is the equity in your business the largest asset on your balance sheet?
What is your business really worth?
Do you want your business back after you sell it the first time?
What would your business be worth if you got too sick or hurt to go to work?
Do you want to pay more taxes than you have to?
Will you have as much money as you have breath?

If you answered,“ I don’t know” to any of these questions, you need an exit plan.

-Anne Groth, Guest Blogger
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Filed under: Finance, Growing, Managing, Marketing

Tags: balance sheet, equity, excess taxes, exit stragegy, illness, money, selling business, selling conditions, value, worth