>> what is it? Have you thought about how you’re going to get out of your business?

Michael Gerber says that the purpose of a business is to sell it. He doesn’t mean that selling is the only purpose; but he does mean that if you adopt a mindset right from day one that eventually you want the freedom to exit the business, then the business will look very different.

Exit planning is the process of designing a business that will allow your exit from it within the timescale you define and for the maximum possible value. There are several stages, including -

• planning the value required and the timescale available;
• building a team capable of carrying on the business, or seeking an acquirer;
• implementing effective systems so that you are not required to be there;
• devising ways of minimising the tax liability on sale.

Unless you are planning on simply walking away and leaving your business behind, these stages take time. You cannot start the process too soon - indeed we often work with new business start-ups on their exit plans.

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