The final portion of your
business plan outlines your exit strategy. It may seem odd to develop a
strategy this soon to leave your business, but potential investors will want to
know your long-term plans. Your exit plans need to be clear in your own mind
because they will dictate how you operate the company. For example, if you plan
to get listed on the stock market, you’ll want to follow certain accounting
regulations from day one. If you plan to pass the business to your children,
you’ll need to start training them at a certain point.
Here’s a look at some of the
available strategies for entrepreneurs:
Exit Strategies for
Long-Term Involvement
·
Let it
run dry: This can work especially well in small businesses like sole
proprietorships. In the years before you plan to exit, increase your personal
salary and pay yourself bonuses
