Even if you are many years away from selling, it still pays to plan an exit strategy, because that time will eventually come. What would happen if you died unexpectedly?

If you haven’t got a workable exit strategy in place, your heirs may have no choice but to place business with an agent and say "get what you can for it." The assets may be liquidated and sold off piecemeal, getting virtually nothing for goodwill you’ve built up over course of many years.

Plan for big change well before signs of burn-out, boredom or apathy start to show in your balance sheet. A decline in financial results will, more than likely, scare buyers (and their lenders) away. You could get less for your business than what it’s really worth.

You’ll have more chance of coming out on top, both financially and personally, if you make an effort to understand steps to selling. You need to spend time on careful planning, so that when you’re ready, you can take time to negotiate a price and terms that will satisfy your reasons for selling.