From the course: Finance Foundations for Solopreneurs

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Preparing an exit strategy early

Preparing an exit strategy early

From the course: Finance Foundations for Solopreneurs

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Preparing an exit strategy early

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- Every business owner needs an exit strategy, even from the start. By having one, it will reduce anxiety, improve profitability, optimize retirement income, and increase the value of your brand and company. Every business owner, including solopreneurs, will exit their business in one of two ways: vertically or horizontally. Exiting vertically means you get to walk away upright and vertical from your business on your own terms. Exiting horizontally means you're not walking away. You've passed away, and your business will either be inherited or dissolved without you. (chuckles) Now, it might seem counterintuitive to think about exiting your business while you're either starting it or in the middle of it. However, a strong business plan includes how it looks at the end because so many people who count on you will be impacted. Let's get the horizontal exit strategy out of the way first. What will happen to your business if you die? Exiting horizontally might sound less desirable, and it…

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