Exit Strategy goals

Set Goals When Planning Your Exit Strategy

First Step to IT Exit Planning

The first step in planning an exit strategy is being clear on what your goals are, both for yourself and your business.

All of the different exit strategies available have their pros and cons. Some options allow you to retain a financial stake or various levels of involvement in the business, either in an advisory or day-to-day role. Some give your company a better chance of surviving in its original form, while others may see it broken up.

So ask yourself what’s important to you:

  • Do you want to stay involved in the business or have a clean break?
  • Do you want to retain some control over its future direction, or do you want to give the new owners free rein?
  • Is it more important for you to maximize your financial gain or to leave the company in good hands?

These are big questions, so try to spend some time thinking about them—this is not something you can squeeze into the odd half-hour between meetings. And your decision will probably affect other people too, so you may also want to consult your family members, your business partners or your staff before making a decision.

If you speak to staff members, of course, you’ll need to be sensitive about how you frame the issue, so that they don’t panic about their job security. But if you deal with it in the right way, it can be a great idea to involve them in the big decisions about the company’s future rather than keeping them in the dark.

Read full article: How to Plan a Successful Small Business Exit Strategy »


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