Exit Planning: What Is It Worth to You?  

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.   …