Someday you may decide you’d like to retire, work fewer hours or sell the business. The questions you want to ask yourself about exiting or transferring your business include:

• Do you have a business succession plan?
• Do you know when you want to exit your business?
• Will you sell your business to a third party or a co-owner? Or maybe your children or other relatives?
• Do you know how much income you’ll need after you leave the business?
• Can you sell the business for enough to earn that income?
• Do you know what your business is worth?