Planning Your Business Exit Strategy
Exit Strategy refers to how you will leave your business. Some business people plan to take their companies public and sell their shares when they retire. Others plan to sell their businesses to individuals or other companies without going public. Some expect their children to assume control of the company. Other business people don't think about an exit strategy at all, and, someday, just die. So, if you don't plan an exit strategy, don't worry, a default strategy will be provided for you!
If you have angel investors or venture capitalists who have invested in your business, they will need an exit strategy. They will want to know how they will be compensated for their investment in your business. Without a viable exit strategy, they won't invest in your business.
Further, if you wish for your children to inherit your business, you will need to plan this. Consult an attorney experienced in business succession. This should be part of your trusts and estates planning with a highly-competent attorney who is respected in the area.