Nine out of ten startups will ultimately fail. Only 44 percent of small businesses make it to their fifth year, the timeframe when an acquisition becomes most likely. We’ve all heard these sobering statistics. In light of them, it makes sense that most businesses never create an official exit plan. Unfortunately, that oversight can hurt your business in both the short and long term.
If you’re an entrepreneur whose business or side hustle is generating profit, the last thing on your to-do list might be making a plan to sell that business. Unfortunately none of us can predict the future, and there are a variety of reasons people wind up selling their companies before they thought they would.