An exit plan starts with documenting the goals of the business owner.
Then the possible transition options are documented and analyzed.
What is the business worth now and what can be done to increase the business value.
What other items need to be done to minimize risk and increase the chances for a successful sale.
A transition plan and an exit plan are the same things. The former owner sells their business to a new owner. That sale can be to an outside party or a transition to the next generation.
One of the main advantages
for having an exit plan
What will happen with your business if you cannot go to work tomorrow for two months. Does everyone know what must be done if you cannot come to work.
Will your employees and customers still be there when you return in two months?