An exit plan is a comprehensive roadmap to successfully exit a privately held business. An exit plan asks and answers all the business, personal, financial, legal, and tax questions involved in selling a privately owned business. It includes contingencies for illness, burnout, divorce, and even an owner's death. Its purpose is to maximize the value of the business at the time of exit, minimize the amount of taxes paid, and ensure that the business owner is able to accomplish all his or her personal and financial goals in the process.
An exit plan can be complex and usually requires advice from a number of different specialties.