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