Exit Your Business

Compass pointing to text that says EXITFor many, COVID-19 has highlighted the worst parts of being an entrepreneur – the uncertainty, the sleepless nights, the running-in-place-while-moving-backward exhaustion. If that sounds familiar, you might be starting to think about your next steps and life beyond the business.

The first important distinction is to confirm you are both willing and able to exit. Willingness is your emotional and mental state; ability is a financial one. If your liabilities outweigh the market value of your business or physical assets, you will be unable to exit (short of bankruptcy) without first increasing your asset base, reducing your liabilities, or some combination thereof.

As always, never hesitate to reach out to a Maine SBDC advisor for one-on-one assistance.  We’re here to help you navigate that – so reach out. 

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