Don't make this common mistake with your business

If you are a business owner, there is one mistake that you need to avoid. The mistake in question? Not having an exit strategy!

You've worked hard. You put in the hours, you invested your sweat and tears into what was once nothing more than a pipe dream.  I know it's hard to believe that there may actually come a point in time where you don't want to be running this business. And believe it or not, the best time to think about an exit strategy is before you actually need to use it. An exit strategy is simply a plan for how you will eventually leave the business and includes details on what will happen to the business after you leave.

The thought of leaving your business behind is scary, but it's good to start thinking about an exit strategy now. I know that can seem like a daunting task at first and you may not want to do it. But you don't want to be in a situation where you're forced to sell your business for less than it's worth or incur a huge tax burden because you didn't plan ahead.

The best way to minimize your tax burden and maximize the value of your business is by planning in advance. Don't leave money on the table, because if you do - then it's gone for good!

In the end, a business is only as strong as the exit strategy you have in place. You want to plan ahead so that you are not stuck with selling the company below market value or getting stuck with a huge tax bill that could have been avoided. An experienced attorney can guide your company to its best possible outcome and help plan ahead for any potential problems that could arise with an acquisition or a sale of assets at some point down the road.