By 2010 the company was incredibly successful, generating millions in profit, while allowing Stephanie and Jack to take 3 months or more of vacations a year. Three years later in 2013, they sold their company for a large 8-figure price.
Maybe you want to run your business until you're ready to retire in your 60's. Perhaps your dream is to pass your business on to your children. Now is the time to really decide which path you'd prefer to take when the time comes.
If you're one of the millions of Baby Boomers and others thinking of selling your business in the next several years, consider this: The top mistake sellers make is having unrealistic expectations, according to a recent survey of business brokers and advisors.
All prospective sellers should begin the exit planning process for their business way in advance, in order to maximize their business valuation. Anything short of that and you are in for a not-so-graceful transition.
Anyone who has ever met me would attest to the fact that I am a very logical person. This clearly does not lend itself to highly romantic ideas like "love at first sight". If you are like me, then you can use Software Development Life Cycle (SDLC) principles to guide you!
There are no guarantees that you will keep your current job indefinitely. Being prepared with an exit strategy, even if you're not actively looking, will be one less thing you have to worry about in the event you find yourself suddenly without a job.
So the world looks to America to lead. Is seeking the approval of the American people through their elected leaders a 'failure' of leadership? Is a propensity to think before acting a sign of weakness?
Having the end in mind at the beginning seems counter-intuitive to most. There is no certainty that your position or the organization you create or are a part of will exit one, five or ten years from now. Things change -- needs evolve -- life happens.
Being in a position to dictate your own exit strategy should be the highlight of your career because it epitomizes the entrepreneurial dream: Go into business, be successful at it, and leave under your own terms.
Exit strategies. In business, you need one. Anyone's who's been divorced knows how messy it can get when two people split. Now imagine the financial and emotional messiness that can occur when business partners or business partnerships dissolve.
While most eyes were focused on the better-than-expected gross domestic product data for last year's fourth quarter, this week's report from the Commerce Department also included details on U.S. personal income.