Exit Strategy Process
The process of preparing to leave a business is always difficult either from the "what will I do after the sale" to "how will do it." A business exit strategy is simply a plan for what will happen when you want to leave your business. The outline below is a basic example of the exit process but, from my experience, the most important first step is to plan for after the sale.
This crucial first step helps the entrepreneur begin the detaching process on an emotional level. Many great acquisitions fell through simply because there was too much emotional attachment at the end of deal. Why? Because you can't put a number on a person's emotions. Therefore, a good first start to selling a business is to mentally prepare yourself, whether it's retiring completely, reinvesting your money or starting another company, for the aftermath.