When an entrepreneur wants to exit the company, he or she will usually create an exit strategy. These strategies define the structure of the transition. It is necessary to have a formal method of quitting the company environment. A family heritage business may be preserved by an entrepreneur (Brill 2017, 2017). Planning the transfer to a family member or child involves this. You may choose to merge your business with another company after selling the company. When individuals negotiate the acquisition of a company, a management buyout might occur. Sometimes, employees may be allowed to buy out the owners of the business. A share can be sold to an investor or business partner if there is more than one owner (Pinkovetskaia, 2020). You can declare bankruptcy as an option. This might also be used as an emergency plan. An entrepreneur should consider all options in order to determine the most effective exit plan.
The future strategy of my business will involve a company that deals with transportation and logistics. Long-term financing is required for this venture to purchase assets. Commercial finance will be a preferred source for long-term financing. It will ensure that individual and organizational funds are not mixed up during repayment to avoid conflict of interests (Pakarinen 2020). When searching for funding sources, it is essential to maintain the spirit of entrepreneurship. Management is incomplete without financial management. Financial management dictates the actions of an organization and helps to focus future efforts of an organisation on possible development.
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