Every business owner will leave their business one way or another. The measure of success in exiting your business is the ability to determine the terms and timing of departure.
A successful exit from your business requires planning. There is a saying in the Army: “Proper Prior Planning Prevents Poor Performance.” This maxim is very true of exit planning.
To build an effective succession plan that will let you exit your business on your terms and timing, there are five key steps you should follow:
Now that you understand the key steps required for an effective succession plan, you need to know the topics an effective succession plan must address.