Successful business owners can adapt and compete in a constantly
changing marketplace. However, exiting a business requires an
entirely different set of skills. Even with extensive knowledge
about growing a business, most owners have no experience
successfully exiting one.
Having a well-structured written exit plan is an important first
step to exiting a business. Then, assembling a strong team of
seasoned professional advisers (attorneys, accountants and wealth
planners, for example) who have assisted other business owners with
their exits is essential to crafting and executing a successful
There are six common traps business owners tend to fall into
that often can lead to an unsuccessful exit and financial or
emotional agony. The best way to avoid falling into these traps is
to be aware of and understand them.
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