Have an Exit Strategy

Planning how you intend to leave is as important as planning to start. Consider where you want to be in 5, 10, and even 20 years: how do you see yourself and your business changing then? What will your role be in that business? Do you want to be the 70-year-old behind the counter serving drinks at a single owner-operated coffee shop? You may do that, which is fine too.

Consider how you will be involved in the future of your business and for how long. Develop an exit strategy that allows you to leave before you have to go.

Expand or Sell?

• Plan to sell the business in part or whole to an unrelated party or a business partner
• Plan to expand by franchising, private capital investment, or public offering
• Leaving the industry as a succession inheritance to provide for your children

You can always change your mind but have a plan now. It will help you to navigate decisions along the way.

Some coffee shop owners may enjoy the secure routine of managing their business 6-7 days a week. Some prefer leaving that task to others and searching for new location opportunities or business challenges. Have an idea of your ideal exit strategy; it will help guide your decisions today.

Know your personality type and plan with the advice of your attorney and accountant.

See tips on how to develop a business exit strategy on the U.S. Chamber of Commerce site.