Most business owners just dream of starting off and running their companies for as long as possible. But, there could be a point where you don’t want to be an entrepreneur anymore. You could want to exit your business, which usually means selling up and moving onto other opportunities.

This is a natural part of an entrepreneur’s journey. But, it can still seem like a confusing and complicated area to navigate. It doesn’t need to be, though.

It’s just a matter of having a plan and knowing what you’re doing ahead of time. More than a few tips and tricks could play a significant role in this and make it a lot more manageable for yourself moving forward. Some of these could help more than others.

Three of them should help you leave or sell your business while still setting it up for success after you leave.

Define Your Business Exit Goals

One of the first areas you’ll have to consider are what your goals are with your exit. Do you just want to get out of the business? Or, do you want to make a decent profit and move onto other opportunities? This could help you figure out exactly what to do next.

If you’re leaving your business to focus on health issues, for example, then your goal could be a quick sale for a relatively small profit. On the flip side, you could take your time if your exit goal is to make as much of a profit as you can out of the sale.

Value Your Business Accurately

Nobody just says, ‘I want to sell my business,’ slaps a price on it, and sells it relatively quickly. Instead, there’s a specific process involved. One of the more notable parts of this is coming up with a price, and this needs to be as accurate and as fair as possible.

You’ll need to conduct a business valuation to do this. Your valuation will keep more than a few factors in mind, ranging from revenues, profit margins, and overall sales figures. Do this early on and make sure you have a realistic valuation of your business.

Assemble a Transition Team

Once you’re about to leave your business, it’s not like the new management will just take over. You’re not going to leave on a Friday and have new owners walk in on a Monday. Instead, there’ll be a transition, and it’s worth having a team in charge of this.

Your transition team should include people both from your current team and those from the incoming management team. This helps to make sure everything goes as smoothly as possible. You’ve no reason not to put this team in place early.

Wanting to exit your business at some point or another is a natural experience and happens to almost every entrepreneur. But, that doesn’t always mean it’s the most straightforward process. You’ll need to know what you’re doing to make sure the process is as seamless and as straightforward as possible.