Most Small Biz Owners Lack an Exit Strategy

Even though they expect to hand over the company reins in the next decade, most small business owners don't have a plan for how they'll do it, new research shows.

More than 60 percent of small business owners planning to leave their business in the next 10 years don't have an exit strategy and aren't working on one, a study by Securian Financial Group revealed.

Since the business represents a significant asset for most owners, researchers said by not managing and planning for it, the owner risks leaving its fate to chance. They said failing to develop an exit plan can leave the business, the family of the business owner, or the business's partners and employees in a very difficult situation."

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