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Glossary of terms used on this site

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Term Definition
Exit Strategy

(Wikipedia) - a means of escaping one's current situation, typically an unfavourable situation. An organisation or individual without an exit strategy may be in a quagmire. At worst, an exit strategy will save face; at best, an exit strategy will peg a withdrawal to the achievement of an objective worth more than the cost of continued involvement.

(BSR Analysis Element)- The BizSuccession Solutions scope of Services for this element is as follows. The need for exit strategy rules constitute a principal reason for business succession planning. Immediate exit strategy planning is about the setting up of clear and certain rules to ensure the viability of the business when a owner wishes to be paid out and to leave the enterprise without adequate warning. Of equal peace of mind the procedures make possible the orderly removal of a owner with litigation reduced to a threat only. To consider management of capital shifts, banking and customer comfort, staff understanding and maintenance of morale, supplier confidence and brand protection throughout this process.

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Sean says

We are in business with my parents and brother. Some land had been transferred to my brother and I and we asked Jim to prepare a immediate exit strategy in case one of us had or wanted to withdraw. We sought bank finance to improve the land. Jim was able to do that plus discover a error in how the land was transferred that the bank had missed. Since then my brother has left the state and he is being paid out exactly as we set up; no argument.