Privately-held businesses are constantly evolving to changes in the marketplace. As such, your business has likely undergone some significant changes in the past few years. It is important to focus on the future, looking ahead to what an exit can mean for you and a future owner. Specifically, this means making plans for your business to run without you, including reducing risks that could jeopardize a transition.
A business plan for a future transition includes consideration of how the business will run without you and over what period of time these changes will be implemented. Most importantly, give thought to each business decision and ask whether or not it supports your future exit/transition. By thinking about your exit as you make business decisions, you will build your business to better suit the exit that you have in mind.
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