The past couple of years have seen a number of CEOs and company owners exiting their posts, from Disney CEO Bob Iger in February 2020 to Girls Who Code CEO Reshma Saujani in February 2021. These moves, as well as the ideas and motivations behind them, have cast a new light on one of the most crucial business fundamentals: exit planning. One of the often-overlooked components of leadership and success, this should be an integral part of a business plan from the start, because how you exit can have a major influence on your business’s ultimate goals and provide it with a clear future direction.
Put simply, you’re never caught off guard if you’ve put in place the building blocks of selling. If you haven’t done so, you risk losing an opportunity when an eager buyer suddenly appears, or at the very least have likely reduced the company’s valuation. In fact, with a well-planned strategy, its value will be enhanced in the eyes of potential buyers. Furthermore, a successful exit can take years to happen, so any head start in planning will make transition efforts more efficient.
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