Retiring Your Business pt 2 – Develop An Exit Plan
Think it’s too soon to begin developing an exit plan? It’s not too soon. However, it could be too late by the time you start thinking about retiring your business.
Before you seek the advice of a trusted Certified Exit Planner go in knowing what questions should be asked and answered.
There are many reasons for exiting – retirement, health problems, change of interest, selling the business, or being acquired. Knowing the right time to exit is crucial. Something you’ll only know when it’s been written out and formalized in a plan.
If you are just starting out or at the top of your game exiting may seem like an unnecessary step. However, knowing the end goals will help you make better decisions now and for the future of your business.
Here are some Important questions to ask yourself when thinking about your exit plan, according to Meredith Wood, Editor-in-Chief at Fundera, a company which specializes in financial advice for small business owners.
Do you want to stay involved in the business forever? What are your financial goals? How do you plan for an exit? There is more than one kind of strategy. Plan for the one you want, ie. retirement, sale, acquired, legacy, etc.
Perhaps you are thinking that there is nothing to sell and once you stop working the income has stopped as well. You’ve already uncovered flaws in your business model that the Association of Virtual Assistants is ready to help you address. Retiring your business should be on your terms and can only be done so with a plan in place.
The Association of Virtual Assistants is here for you today, tomorrow, and at every stage of your career. Join the AVA now to get your support.