“The challenge that business owners often face in this respect is comparable to the difficulty that many new parents have with imagining their children grown up and leaving for university. Imagine, however, if parents did not plan ahead for the cost of their education - that would be detrimental to the future of their children.
The same could be the case for your business.
“The lack of an exit strategy could be telling of a fundamental lack of measurable business goals and this needs to be addressed.”
From immediate liquidation to liquidation over time; family succession; selling to staff or external investors; the open market or another business; or the gruelling but profitable exercise of taking your company public - there are many ways in which an entrepreneur can exit their business. Mjadu said whatever the process, a strong and solid strategy was essential.