Exiting on a High Note: Effective Business Exit Planning
After working hard your entire career, it’s natural to want to end on a high note. But, making a graceful exit as a business owner isn’t something that happens overnight. You’ll need to plan ahead—five years ahead (at least).
According to Navix Consultants, five years is the minimum time needed to properly execute your business exit plan. Why so long? Because most strategies and tools necessary to ensure your company’s success after you leave require years to implement effectively.
Navix Consultants suggests giving yourself five years minimum, to properly execute and implement your business exit plan.
For instance, you’ll need to arrange an adequate leadership team to move the company forward without you. That likely means significant training, relationship development, and even new hires to accomplish. Plus, while slowly diminishing your own role in business sales and operations, you’ll also have to keep an eye on market conditions to time your exit to the most advantage.
In order to maximize your exit success, you’ll need both time and a clear plan of action. Establishing a five-year timeline and clear plans for transferring leadership will help you make a graceful exit as an owner. Prioritize your business exit planning now to ensure your business is a success long after you leave.
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