Every small business owner needs a business plan and an exit plan. The exit plan is your strategy for transferring ownership of the company you painstakingly build. So what are the possible exit scenarios?
*Be acquired by another company
*Merge with another company
*Go public with your company and acquire shares that can be sold
*Family members take over
*Employees buy the company in a ESOP (employee stock ownership plan)
*Close the business
Whatever you choose to do, exit strategies often dictate short term goals and your company’s priorities. In many ways the business plan and the exit plan go hand-in-hand.