Six critical factors that can affect your business-exit strategy

According to a recent PricewaterhouseCoopers study, 25% of family-owned businesses will change ownership in the next five years. Yet, 85% of family-owned companies do not have an exit strategy.

A finely honed business plan should include a detailed exit strategy that clearly outlines the owner's plan to get paid for their sweat equity at a designated point in time.

Operating without an exit strategy denies business owners the benefit of easing undue stress should the founder become incapacitated, and potentially helps to avoid losses that tend to accrue when the sale of a business is delayed.

If you are a fleet owner, it's time to start the planning process.

Keep in mind these six critical factors can affect your exit strategy:

1. Select your ideal exit date. How many more years do you plan to work? Even if you find it difficult to predict this key future milestone, select a potential date anyway, and you can refine it as your company evolves. Revisit your exit strategy periodically (at least annually) and adjust accordingly.

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For additional information regarding Florida business sales, acquisitions and valuations, please contact Eric J. Gall at info@buysellflbiz.com or 239.738.6227. Also, visit our Florida Business Exchange website at www.fbxbrokers.com and my personal website at www.buysellflbiz.com.