6 Exit Strategies for Your Small Business

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From The Balance

Exit strategies are something that every investor in a business looks for. But even if you are running a one person sole proprietorship, you need an exit strategy. For you, as for any investor in a business, the questions are the same when it's time to move on. How are you going to get your money out of the business? And how much money are you going to get?

Having an exit strategy worked out in advance helps ensure that you like the answers to those questions and gives you some control over your small business's future.

The best exit strategy is the one that best fits your small business and your personal goals. Decide first what you want to walk away with. If it's just money, an exit strategy such as selling on the open market or to another business may be the best pick. If your legacy and seeing the small business you built continue are important to you, then family succession or selling to employees might be best for you.

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