A business owner recently asked me: “How do I begin planning to exit my business?” It’s a great question—but it may be premature for most business owners.
In this brief video, I’ll walk you through the four questions every entrepreneur should ask themselves first, before they begin planning an exit strategy.
Action Steps:
- Ask yourself these four critical questions in relation to your business exit strategy:
- What do you want? – The more clearly you can define the exit, the better.
- Why do you want it? – Your motive for exit will have a strong bearing on your success.
- When do you want it? – Your answer will guide how much time, money, and risk will be required.
- What is the next step? – No matter where you are, right now, you can begin the process of preparing for business exit.
- If you haven’t yet seen it, watch my video about mini-business harvest strategy: http://davecrenshaw.com/mini-business-harvest-strategy/
- Please share your perspective on exit strategy or ask questions on this page.
Principles:
- Most business owners lack clarity about what they really want from their business.
- If you are exhausted and worn out with being a business owner, you may just need to leave the business, not seek a harvest.
- The faster the desired exit from your business, the more personal work time, investment capital, and risk will be required.
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