11/29/2003
Business Exit Strategies
by Laura Miller, ASU Business Consultant
When discussing business strategies, we usually think about ways to grow the business, but getting out of business can be just as important. Exiting can mean new opportunities such as retirement, a lucrative offer, or employment/ownership opportunities elsewhere. Or, it may be a decision resulting from unfortunate events such as poor financial performance, economic downturn, management disputes, increased competition, or health of the owner. Whatever the reason, you must prepare and plan in order to reap the most from your investment.
Some of the most common exit strategies include:
- Passing the business on to family
- Selling the business
- Going public
- Closing the doors and liquidating
- Managing the business for life
All of your business decision should maximize the value of the business at the time you are ready to exit, whether that is next week or in 20 years. If you want to retire in luxury, implement strategies that build wealth in the busines. If you are planning to pass the business to family members, make decisions that promote longevity of the business. Let your exit strategies influence all of the business decisions you make today.
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