The exit strategy is one of the most overlooked factors by small business owners or first time entrepreneurs. It is something that gets little thought and is viewed as something that just sort of happens after a while. Having an exit strategy in place is important even if it doesn’t come to fruition exactly as planned.
There should be a plan for the endgame. After the business has run its course, what is next? Is the plan to build a system over the course of a few years and sell once the business is automated? Or is it to build an empire and establish a cash cow that stays in the family? (wish it was as easy as just choosing to do it…. maybe it is!)
Having an idea of how long the venture is to last and exactly what you personally want to get out of it are important items to consider when forming the business. All to often the exit strategy is an after thought rather than something intentional. Having one in place can save a lot of mental anguish for many entrepreneurs. If the endgame is not planned would-be entrepreneurs may instead stay owner/operators longer than intended.
Remember failing to plan is planning to fail.