What is Exit Planning and why should I care?

“Exit planning” is a term for the process where a business owner sets goals for their exit from their business and identifies the option that best meets their goals.  If you just go ahead and sell your business without going through exit planning, you are taking a huge risk.  You are accepting a business broker’s “number” without knowing what your goals are, what your financial and emotional needs are, and whether or not your business is ready to be sold.  This is the most important business transaction of your life, your exit from your business.  So doesn’t it make sense to plan for it?