The best time to start talking about an exit strategy is when you’re setting up your business.
Before stuff happens.
Before you get busy.
Before you get crazy (well, okay, starting a business is crazy-making from the get-go). Crazier?
You don’t need to know exactly what the exit is going to be.
Just know it’s going to happen.
And in your business plan and/or partnership agreement, it should be laid out.
At the very least, who gets what, but the more detail you can lay out, the better.
Like setting goals (and yes, this is one), the more you can lay out, the better the chance that it will happen.
What are the benchmarks, metrics, etc. that would trigger an exit?
Money, time frame, life event, retirement?
What kind of exit do you envision?
Do you want to stick around? For how long?
Who is going to execute the exit? Will you be using a broker?