Chapter 19

Planning for Things That Go Bump in the Night


Bullet Preparing for challenging times

Bullet Making your exit with grace and wealth

Bullet Exiting a failing business

No matter how well you manage your business, the unforeseeable will happen. A key employee gives you notice they are leaving. You get slapped with a lawsuit from a former employee who says they were wrongfully terminated. A Black Swan event (completely unpredictable), such as the pandemic of 2020-22, results in massive business shutdowns. The list goes on and on.

Surprises aren’t the only thing you’ll face as a business owner. Another certainty is that at some point in the future you will want to harvest the wealth you’ve created by selling your business. Making a graceful exit takes planning so that you don’t hurt your business and you’re able to reap the full rewards of what you’ve created. You find out how to do that in this chapter. Graceful exits, however, are not always possible; so you will also discover ways to terminate your business in a manner that is least harmful to you, your investors, and your creditors.

It certainly isn’t my intent in this chapter to frighten you away from entrepreneurship. Life ...

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