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Where Will You Be Five, 10 Years From Now? Part 1
Most people do not want to work forever. Business owners feel the same, whether it’s three, five or twenty years away. But the point is, there is a beginning, middle and an end to the life of every business. If you plan for it, you will have the opportunity of designing an ending that is right for you.
The choices are yours to make. You can run your company into the ground because you are tired, bored or your products are irrelevant in the marketplace. You can work until you drop. You can sell your business to competitors, strategic partners or someone else. You can give or transfer it to your children, a favorite niece or nephew or key employees. Another option is to close it and sell off any accumulated assets. There is always the possibility that your business may outlive you.
Start thinking about how you want to exit your business while it’s at a strong point. Build it to create the value you need to get the most out of your sale or other exit strategy. If you do, you will be prepared and get the most financial reward you can for your years of devotion and toil.
Here is why it is important to plan for your exit:
In addition, be prepared for what is next for you. You may be thinking about starting a new venture, playing golf or traveling in the future. The list continues depending on your interests and financial needs. Selling, transferring or retiring from business is a major emotional change. You should have some definite plans even if they are not immediate. If you just stop working suddenly, it can be difficult. Don’t let it happen, think it through. It can be wonderful!
The next issue of Growing Possibilities will continue its discussion on preparing for your business exit.
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