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This is the ninth in a series of ten episodes about building better business Abs and strengthening your business core.
In this episode we will discuss the importance of creating a business exit plan. This business exit strategy roadmap is critical to extracting from your business the equity that has accumulated through your hard work and investment.
Let's face the truth - everyone exits. Those that plan for it do much better.
Your business should always be "for sale" or ready for an exit. Not necessarily because you actually want to sell, but because when you treat your buisness as if it were "For Sale" you have the incentive and focus to make sure it's running efficiently and profitably.
We all know that to get top dollar for our homes, we need to make sure that all systems are in good working order. This applies to your business as well.
Making sure your business practices are in place, your operations are as efficient as possible and that you have a written roadmap for success, including your exit strategy, is how you strengthen your business. This is what a buyer would be looking for - a strong business core with the "muscles' and 'backbone' to thrive in the present and into the future. They are looking for future cash flows to justify their investment.
Having a good exit strategy forces you to work toward a definitive goal. Not every exit strategy results in the actual sale of the business. There are other options available as well depending upon the mental and financial readiness of the owner.
Whatever the reason for the exit through it is critical to have a well thought out plan with measurable action items and milestonse.
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