If you ask a bunch of business owners their exit strategy, a good proportion will say: “What’s that?”
Your exit strategy doesn’t need to be comprehensive. Do you plan to sell it one day? Ride it out for as long as you can until you shut the doors? Will you focus on building a passive income outside the business that will keep working for you after you stop?
If you’re relying on a big windfall when you sell your business, be warned: a lot of businesses are worth less than the owner thinks it is. This is especially relevant if the business relies on your skills / experience / personality / relationships.
In this episode, our Partner Alex Martin and David Murdoch (Paxton Bridge) talk through the pros and cons of the various exit strategy options, so you can start working towards your ideal outcome.