I'm all too familiar with "exit strategies". I've been a part of compiling information the due diligence when the last two companies I worked for were sold (I supported the owners of both). Thank you for bringing to my attention the fact that, even though my business is small, I do need an exit strategy.
Wow...what great information. This is very interesting. I am getting ready to start my business and never gave a thought about how to go about ending it in the future. It does make perfect sense though!
I believe I saw links for exit strategies on the small business association, but like everyone else I didn't check it out, especially since I was more interested in the start up stuff. If it's not there, then go to www.ohio.gov as they have a business gateway. Alot of the info is about Ohio, but I think they also mentioned exit strategies
One of the greatest things I have ever done was create a support group for my business including legal and financial support which has helped me get from bump to bump. As for the exit strategy I feel that it is a great idea to have one and a must for any size business. I have a backup business of running an educational site. I use this site to generate funds so that if there is a month that is slow with my VA business I have money to sustain my living arrangements. I think that we should all share our plans so that others can get ideas.
You can sell or refer the business to either employees or family. In many cases you should get money from them over a period of time. This would help your retirement.
Then you can also sell to an outsider but I think that is more likely to fail. The outsider would not necessarily realize what he/she was getting and might not be equipped to handle it.
Just some thoughs,
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Penelope Myer
Penelope and Partners
Re: VA Business Exit Plan
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