10 Key Questions Every Business Owner Must Answer About Their Business Exit Plan

By Kris Maksimovich, AIF®, CRPC®:

When it comes to creating a business exit plan, sooner or later every business owner will have to answer some key questions to determine how to proceed.

Questions to Ask Yourself About Your Business Exit Plan:

1. What do you believe your greatest challenge is when you think about planning for the future?
2. Do you see your role in the business changing or evolving as time passes?
3. What do you hope to do once you leave your business?
4. Have you made plans to pass along or sell your ownership interest?
5. What do you need from your business to achieve financial freedom?
6. Are there any obstacles you believe may affect your personal or business goals over time?
7. What method(s) do you use for business valuation and what is your confidence level in that process?
8. What succession planning suggestions have other advisors offered you in preparation for the future ownership of your business?
9. Depending upon your succession plans, have you given thought to the best leader for your company once you leave?
10. What will happen to your customers, employees, vendors and even competitors if something happened to you?

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