Whether you’re a small business owner intent on holding your position, or an entrepreneur seeking to sell your startup to a larger company, creating a strong exit strategy is essential. Not only does it allow you to craft a business plan that ensures stability and long-term growth, but it also demonstrates a concrete transition plan to any potential buyer. It might seem counterintuitive to develop an exit strategy for a burgeoning startup business but doing so is critical in preparing the company for the inevitable transition in leadership.
In this final article in our startup school series, we discuss what you need to know when planning your exit strategy.
Exiting your business
There is a common misconception that a business exit strategy is akin to a captain jumping ship as their company sinks, but this is rarely the case. Rather, exit strategies aim to smooth the transition between the founder and acquirers, while helping the business reach its long-term goals.
A successful exit strategy will take all finances, operations, and stakeholders into account.
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