Prepare an EXIT Strategy, Just In Case

7. Have An Exit Policy

When you enter into marriage the anti-nuptial contract defines what happens when the marriage no longer works and divorce takes place. Business is no different - you must have a clearly defined agreement on what happens when you want to exit the business - which usually is in the shareholders agreement.

It is a reality that over time things change and although you may have worked very hard on making the business or marriage to work - the business or marriage is floundering and there is no alternative than to exit.

ADVICE 7 - If the marriage or business is not working and you have tried all you can - you must get out. It is smart to negotiate this at the beginning not when things are not working - not when there are problems.

by Bob Power