Bo Burlingham, author and former editor at Inc. magazine wrote in his recent book “Finish Big: How Great Entrepreneurs Exit Their Companies on Top” that he identified five key elements of a good exit:
- Owners feel that they have been treated fairly during the exit process and appropriately compensated.
- They have a sense of accomplishment. They look back and know they have contributed something of value to the world.
- They are at peace with what happened to the other people who helped build the business.
- They discovered a new sense of purpose outside their business
- They company is going on without them and doing better than ever.
“Building a business is like a journey, and like every journey is has a beginning, middle and end, ” The end is not when you’ve build the business, its when you exit… In fact, the exit is a phase of the business similar to the startup phase, growth phase, mature phase, etc.”