We will all leave our businesses, either by choice or by chance.
- Unplanned exits are handled with proper buy-sell planning
- Planned exits are handled with proper leadership planning
The two are not mutually exclusive. And although there can be quite a bit of overlap between them, they are definitely not the same. When it comes to planned exits, you can liquidate, transfer to an insider (one or more children), sell to an insider (one or more employees), or sell to an outsider (3rd party sale).
Getting what you want out of that transaction requires that you not be dependent on one specific outcome. Having options will put you in the driver’s seat and allow you to exit on your own terms.