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Your Exit Strategy

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It may seem strange to talk about getting out of your business before you’ve even gotten into it, but you should plan your leave-taking right from the beginning. The main reason for this is that you never know when you will be leaving. Even if you plan on running your business literally until you drop, that day may come sooner than you’re expecting and your heirs will be left with the task of harvesting the value that you have built up in your business. Another reason for planning your leave is to make sure that your business is always working in concert with your retirement goals. If you expect to make a $100,000 gain on the sale of your business to help fund your retirement, you need to plan the growth that will be required for that gain right from the beginning. Your exit strategy will be included as a part of your business plan and may change over time as the external environment and your business goals change.

Finance & Grow Your New Business

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