Most business owners dream of either selling their company or passing it onto the next generation. Whatever the plan, the goal is a successful transition for all involved.

Exit planning is the process of an owner obtaining his or her definition of business independence, and this will mean something different to each owner. As with any long-term strategic business planning, the owner will need to consider and establish business and personal goals as part of the planning process.

The ultimate goal of exit planning is for a business to survive without its owner and for the owner to live without the business. For the owner, the ability to live without the business is both financial and emotional. For the business, it is operational and financial since the company cannot rely on the owner's ability to run the company or on personal guarantees for debt and loans.