~ continued from pg. 18
• Are there any employees or potential employees who could
be groomed to take over when the owner needs to exit?
• How would the new owner/manager fit in with key
employees, suppliers and clients?
• Do employees have enough required knowledge, skills and
experience to run the business successfully? If not, what
steps could be taken to prepare them in anticipation of
such an event?
• Is there a competitor that has similar values to those of
the owner, and could they be approached for a strategic
alliance?
• Which steps need to be taken to ensure success of this plan?
Designing and implementing a successful exit strategy can
take several years – depending upon the options you choose.
Hence, it makes sense to start the conversation as soon as
possible and then continue to