Many entrepreneurs are at the later stages of their careers and business plan and working on exit strategies. They are discovering that the exit is just as difficult as the start-up.
I recommend that the plan include three steps:
- Determine the current valuation of the business and the steps required to improve on it.
- Start working on management transition to make the business less dependent on the current owner.
- Develop and analyse the options of sales, merger/acquisition or management buy-out before initiating the action plan.
In summary, improve the value of your business and make it less dependent on you. Still not simple, but important not to neglect until you are looking for the emergency exit.