I know you go into business for the purpose of succeeding, but it is important to build an exit plan component into your overall business plans. There are many reasons for this, including sale of entity, closure for personal reasons such as retirement, and also closure due to losses or lack of customers.

Begin thinking over the various scenarios that might cause you to close up shop, and then jot down ideas for what you will do with items such as special equipment, finding a new service for existing clients, and for selling off inventory, even if it means taking a loss on the items.

By doing this, you will be more prepared to evaluate difficult situations and crises.

Featured Photo By Leon Brooks [Public domain], via Wikimedia Commons