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Plan your business exit early

The article from Monitor discusses the importance of planning an exit strategy for business owners early in their entrepreneurial journey. It highlights that many business owners focus on starting and growing their businesses but often neglect to plan how they will eventually leave or transition out of their business. The piece emphasizes that an exit strategy is crucial not only for personal financial planning but also for ensuring the business's sustainability and value preservation. It outlines various exit options such as selling the business, passing it on to family members, or merging with another company. The article also touches on the emotional and psychological aspects of exiting a business, suggesting that having a well-thought-out plan can mitigate stress and uncertainty. Furthermore, it advises on the need to consider legal, financial, and tax implications well in advance to maximize benefits and minimize potential pitfalls during the exit process.

Read the Full Monitor Article at:
[ https://www.monitor.co.ug/uganda/business/prosper/plan-your-business-exit-early-4968136 ]