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No matter how emotionally attached you feel to your business, it is essential to start considering an exit strategy as soon as you open your doors. An effective exit strategy will allow your company to take advantage of timely opportunities, such as an acquisition, an IPO, or a lucrative partnership. Planning for future changes by using these types of strategies will also give you the flexibility to set aggressive goals and pivot accordingly as you reach them.
Benefits of an exit strategy:
Okay, so you’re probably convinced that you need an exit plan. Now, it’s time to set your sights on the type of exit you want to target.
Common exit strategies include:
No matter which option is right for your company, having a plan is key — whether you plan to exit in one year, five years, or 20 years. And, if you’re targeting an acquisition, make sure you know what strategic buyers will be looking for when they examine your financials.
This post was reviewed by our team of accounting and financial experts. TGG’s mission is to make business owners’ lives better through excellent financial management. We strive to provide the most up-to-date and objective information on accounting-related topics so our readers can make informed decisions based on factual content. All posts undergo a review process with at least one member of our Leadership Team to ensure accuracy.
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