While you’re still building your empire, thinking about how you might disconnect from and cash in on the family business one day probably doesn’t top your to-do list. It should, though – no point building up a lucrative business if you haven’t thought about how you’ll access that fortune in the future.
That’s why every entrepreneur needs an exit strategy. Simply defined, it’s a method for getting out of an investment you’ve made in the past – in other words, getting out the money you put in (and then some).
Many people think of exit strategies as contingency plans in the event of failure. Not so – an exit plan is actually a proactive form of succession planning. Putting a plan in place for your departure gives you more control over how and when it’ll happen.
Formulating an exit strategy isn’t as hard as it sounds! Follow these steps:
How to get out? Here are some exit strategies to mull over: