Exit Planning: What Is It Worth to You?
3 Min Read By Connie Kelly
When it comes to business, restaurant owners recognize the importance of both planning and taking action, but the average business owner rates exit planning as a lower priority compared to other business-related needs. "I'm too busy," "I've got other pressing issues" or "I'll do it when I'm ready to act" are just a few common replies.
When it comes to exit planning and business strategy, planning with the end in mind will impact every decision you make going forward in a positive way.
One of the most concerning responses is: "I won't have a problem selling, I know several people who want to buy my business." This mindset indicates an owner that has put a lot of faith in a few random conversations, which most likely didn’t include a discussion of price, terms or any other detail on negotiating a business sale. These types of deals rarely, if ever, come together and certainly shouldn’t be considered as a plan for exiting your business in the future. …
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