Since planning and executing the exit strategy is a big decision for any business owner, I have compiled a checklist of what should be going into the process.  Also, these items are going to take some deep and serious thought; and should not be hastily done:

• Determine the value of your business through a certified business appraisal
• Determine how much money you need to live and be comfortable
• Determine when you want to leave your business
• Determine how you want to leave, meaning do you want to sell to a 3rd party? Do you want to sell to a family member? Do you want to sell to a key employee or partner?
• Use your advisers – CPA, Lawyer, Part time CFO to help you make these decisions
• Build value in your business by keeping and motivating key employees
• Do not become an irreplaceable employee in your business
• Work with your advisors to put together your estate plan and prepare a plan as to what will happen to your business should you die suddenly

This is an effective list for the business owner and Contract CFO to lead the team of experts in executing the exit strategy.