Developing an Exit Strategy: Start the Race with the Finish Line in Sight
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Before you create or rewrite your business plan, I would like you to
think about the concept of planning your exit strategy. An exit strategy
is not a plan for failure. It’s a plan for success. Developing an exit
strategy before you work on your business plan will enable you to make the
best decisions for your company. I think that as you read this two-part
article, you’ll come to understand why an exit strategy is important and
how you can apply it to the business planning process.
Where Is the Finish Line?
Have you ever seen runners line up for a race not knowing where the
finish line is? This would never happen, right? Whether you’re starting a
new business or expanding a current business, the implication is the same.
Before you begin the race, you need to know where you expect to
Businesses (publishing companies) are started for many reasons. Some of
the more common reasons include:
Building a successful publishing business
for yourself instead of for someone else
Pursuing a passion
(e.g., “I’ve always wanted to own a publishing company.”)
Being your own boss and
the master of your own time
Earning money doing
what you really like to do (writing, woodworking, quilting, photography,
Capitalizing on an
invention or a new idea
Replacing income from
the loss of a job
Creating net worth
(long-term capital appreciation).
It’s also inherent in the makeup of e…IBPA Members – Click here to view the full article (login required).
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