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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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Andrew said

Jim pro­vided very sound and practical advice on what to do if one of the busi­ness partners wanted to leave. His Suc­ces­sion Agree­­ment elim­ina­ted any questions as to what would hap­pen and how it would hap­pen. Thanks Jim.