5 Important Steps to Exit Planning

If you want to sell your online business, you’re going to require a strategy.

Sales Renewal’s insight:

This article is geared to selling an online business, but it includes good advice for just about anyone thinking of creating an exit plan.

The big 5:

  1. Timing – Understand the business climate enough to know when to sell your business
  2. Finances – Make sure your financial house is in order and you have accurate and detailed financial information available. (Looking for accounting help? Check out SmartBooks Corp.)
  3. Shared Knowledge – standardizing procedures and business knowledge so others can take over for you. (To understand skill and knowledge transfer problems created by a rapidly changing workforce and competitive environment, we recommend subscribing to the Smart Workforce Strategies blog.)
  4. Online Presence* – do you have a modern, responsive website? Is your business presented in a consistent manner in directories and other listings sites? (Use Sales Renewal’s helpful scan tool to see how your business appears online.)
  5. Succession Plan – along with standardizing procedures, there needs to be a clear path to succession.

* Sales Renewal believes this should be taken one step further. Successful exit planning requires not only a good online presence, but a comprehensive marketing plan that will help you meet your revenue and sales goals.

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