If you’re like most business owners, you’re really, really busy. An “exit plan” might seem like just another paperwork exercise that might be useful someday but definitely not today.  Here are three good reasons why it is worth doing ASAP.

1. Someday often arrives much sooner than you expect. It can be in a good way. You achieve a revenue level that should allow you to call your capital (and sweat equity) back in for a tidy payday. Someone presents what appears to be a tempting offer out of the blue. You receive a job offer too attractive to turn down. You weren’t expecting these things to happen immediately, if ever, but here they are. It’s time to cash out – but the cash will depend on whether your business can stand up to scrutiny.
2. We don’t want to dwell on the negative, but a wise business owner plans for and mitigates obvious risks. You or your family may suddenly experience health risks, or other situations that require lots of time and attention. Or money. Maybe the economy shifts and you decide it is time to move out of that lie of business. Maybe you just get tired of the daily grind. When those situations descend on you someday, it’s no longer “someday”. You need a quick exit. Be prepared. Someday arrives when it is least expected.
3. There are so many things you can do to make the business more valuable when it sells, and many of them cannot be done at the last minute. Many of those actions can be done at little cost now and will make the business more profitable now.

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