Every chapter of my book Wind In Your Sails: Vital Strategies That Accelerate Your Entrepreneurial Growth ends with the section Take Action Now. Here are my actions for planning the exit from your company.
Successful entrepreneurs start with the end in mind and work backwards from there. Having a clear exit strategy keeps all of your other goals in alignment. When it comes time to sell your company, having all your critical documents to show prospective buyers can be the difference between success and failure. Potential strategic buyers can offer benefits other than being potential acquirers, so make sure you know who they might be. Be ready for your exit:
- Meet with your senior management team in the next week and identify three strategic buyers you could sell the business to today.
- Within a month, make sure that a senior member of your team meets with your lawyers and verifies that the minute book is up to date.
- Before the quarter finishes, meet with your key financial stakeholders and define when you will exit and for how much.
