The last thing on most business owners' minds when they start a business is what the end game will look like. But as savvy professionals, it's up to us to think ahead and consider what the long term future of the business might be.
This means planning your exit strategy, or in fancier terms - considering your Business Succession plan.
Today's episode is all about Business Succession and what this means to you as a business owner.
We unpack why it's important to consider how your business might play out over the longer term and ways in which different business can be sold or passed down to future generations.
The questions you should be asking yourself at the beginning of your business journey include:
Will you eventually sell the business?
Will you leave it to a family member?
Will you simply close it down and retire?
Or perhaps your game plan is to simply start a business with no intention of doing either of these?
Ultimately, it comes down to you - the business owner, but what episode 42 aims to highlight is the need for us to think about the end in mind so we can pre-plan our future moves.
If you're a forward planner, you're going to love diving into this episode where we share our own experiences about business succession and what it means for each of us as business owners.
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