It is always better to plan a business exit strategy in advance, so that if situation demands, you can take the appropriate decisions. Here are few exit strategies that you can opt for:
• Liquidation: This is the only option that some small businesses often have , especially when it depends on the performance of a single person but to make this option work, you need to have valuable assets that you can sell off, be it land or some expensive equipment that have resale value. And the money that you get by selling these, you would need to pay your creditors first. Else, you can spend some time in improving your business, so that someone else would want to buy it.
• Consider selling it to your employees: There might be a few employees or managers who would want to buy your business and that can be really a win-win situation for him. Firstly, he is getting to buy an already existing business and secondly, he knows a great deal about it. You can also feel happy about that fact that your business is in the hands of someone you can trust.
• Sell in open market: This is yet another feasible and popular option that many small business owners choose. When you are ready to retire and do not have anyone to look after your business, you can sell it in the market for a certain negotiable price and walk away with the money in your hands.
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