The end of the year brings opportunity for looking back at the plans and goals made for your business. Is your company still on track? Are you still interested?
There’s some controversy out there about how creating an exit strategy is akin to setting your business on the road to failure. Unless your exit strategy is to immediately get up, power everything off, lock the door and toss the keys, there is much you can learn about putting some thought into an exit strategy.
An exit strategy is more than “When can we sell?”; for some, it’s succession planning, and for others, a set of metrics for deciding “Am I still interested and engaged in what I’m doing?”. Every strategy is as individualized as the business it’s tied to.
While I was running my manufacturing company, after getting it off the ground, I wasn’t sure how long I’d want to continue. The startup phase was high-risk, high-pressure and encompassed all the interesting business challenges I enjoyed tackling, but was I interested sticking around forever? Was there something…
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