An exit plan helps entrepreneurs establish their priorities, and make smart business decisions with a clear goal in mind. But keep in mind, your exit strategy can change as you grow, and as your business grows.
If you take on a business partner or an investor, they’ll have an exit plan that will need to align with yours. Otherwise, you might run into decision making problems, as you and your partner are aiming for different end goals.
Think of it this way – imagine if you and your husband or wife are individually planning a vacation, but both of you haven’t yet discussed your plans with the other. You were hoping to surprise your significant other with a tropical trip to the Bahamas or Jamaica, while your significant other was eagerly planning a historical trip across Europe. While you were out buying swim shorts and snorkeling gear, your partner was gingerly comparing lightweight travel backpacks so that you can each pack light.