Go Legal Yourself!, 2nd Edition

CHAPTER 10How Do I Exit My Business?

The process of selling a company can be one of the most emotionally taxing experiences a person can face. But with the right approach, it can also be one of the most rewarding. For many business owners, their business is their life's work. For others, their business is a primary source of income, one that has allowed them to live the life that they've worked hard to create. Whatever the result, a successful business must be protected because no business owner can work forever.

Ask most business owners about their exit strategy and you are likely to get blank stares. That's because the last thing on their mind is when and how they will retire from their business. Their focus is on being in the game or competing in their industry for as long as possible. Some owners understand the logic of planning for an exit, but typically put it off to some unknown point in the future.

This brings us to the fourth and final phase of your Business Legal Lifecycle^®, the Exit phase. Let's first define what an exit from your business is.

What Is an Exit?

An exit from a business is when the business owner physically leaves their business permanently for whatever reason it may be. Generally, a strategic plan is put in place that describes and outlines the form that the departing transition will take. Just like you have written a business plan to guide your business throughout its Business Legal Lifecycle^®, you should have one that guides it to a conclusion. ...