What’s Your Exit Strategy?

Whether your business is large or small, brand-new or 20-years-old, having an exit strategy is just as important as a business plan.

“Not giving thought to an exit strategy is like not making a will,” says Claudia Patton, executive vice president and general manager of Edelman. She sold her company to the nation’s largest privately held PR firm, where she now works. “You’d never consider neglecting that responsibility, so why would you neglect protecting your largest asset?”

How do you draft an exit strategy, or revise an old one? “Assess your personal and professional career goals so that you know yourself and understand why you’re selling,” she says.

Yahoo! Business outlines five exit strategies and helps you choose which one is the best for your small business.

Acquisition is a common exit strategy. While the pros include staying involved and getting a better price, crashing corporate cultures during the merger might make the sale messy, according to Entrepreneur.com.

Always operate as if you were going to sell your business, keep quiet until the deal is finalized, be clear on your goals for a sale and always find a buyer that gives you a sense of comfort, says Women’s Business Blog.

Bonus PINK Link: Take the stress out of weathering economic storms with these five recession-proof tips.

By Muriel Vega

“You get in life what you have the courage to ask for.” Oprah