When should I develop an exit strategy?

The sooner the better. The ideal time to develop an exit strategy for selling your business is when you start or purchase a business. You may find that puzzling, but a business is an investment of your time, your money, and your blood, sweat and tears. The end result is to have a gain on that investment. Industry statistics indicate that 85% of all business owners do not have a defined exit strategy although, on average, 75% of their net worth is tied up in their business.