Things To Include In Your Exit Strategy Plan For Your Business

As the owner of a business, you want to begin to develop an exit strategy plan for when you feel it's time for major changes, such as you leaving the company. You don't want to follow in the steps of others who waited until it was time to go to scramble to come up with a plan. You should actually start working on exit strategy planning as soon as possible, even if you don't plan on leaving any time in the near future. Remember, you never know what could happen. Here are some of the things you will want to include in your exit plans.

Plan To Sell Or Close

You might want to completely close your business when it's your time to retire. Then again, you might want to sell the company to someone you know or to a larger company. The larger company can take your company and merge it with their own. It's important to remember that this often leads to some changes within the company and it could result in some of your employees becoming laid off.  

Consider How A Transition Would Work

You probably want to make sure that your employees are well taken care of and you also want to try to keep your legacy alive. To help achieve this, you will want to try to be as present as possible leading up to your final days. You will want to be there for the new buyer, ensuring that they are getting a good feel for how you have run things successfully and how to take care of the employees.  

Let Your Customers Know

While you shouldn't say anything until it is closer to the time you plan on leaving, you should consider how you will approach this situation when the time does come. How you tell your customers that you are leaving will depend on whether you are selling the company or if you are just simply closing your doors forever. If you do plan to sell, you will want to give your customers a heads up and offer them alternatives so they can still get the service they need once you're closed. If there will be someone else taking over, you will want to make sure that there is an introduction of some kind, as this does let customers know that the company will still be there, but there might be some changes.

The more effort you put into your exit plan for your business, the less stressful it will be when that time comes. For more information on exit strategy planning, contact a professional near you.