Small-business exit planning: It’s not a fire sale

Nevertheless, it was better for Al, a lifelong Boy Scout leader, to know what to do in case of a fire. Many small business owners fail to have the same appreciation for knowing how to get out of their businesses, though. Exit planning benefits owners of all stripes, irrespective of their size or rung on the ladder of commercial success.

Business owners tend to fall along a lifecycle outlook continuum. At one pole are “serial” owners, who start a business…