The majority of women entrepreneurs begin their businesses because they have passion for what they do and have the desire to control their workplace and worklife. Starting a business is one of the most difficult decisions a woman will make in her life. In the beginning, the business, like a baby, will take 100% of her time, energy and financial resources.

Therefore, just like a baby, the business will eventually grow up and go off into the world on its own. Yes, that requires at exit strategy.

As a business coach, I speak with women entrepreneurs every day about positioning their business for an eventual exit. Many are so focused on starting and growing the business, they will not consider the thought of an exit. However, if you don't plan your exit, it may just kill the business -- which you have put all your heart, soul, blood, sweat, tears and cash into.

Yes, your exit plan is like an insurance policy to make sure you don't end up with nothing.

Businesses have assets. Although in a small business the major asset is the entrepreneur, YOU, but that is not the only asset. Other assets are: databases, client lists, software, office equipment and furniture, products, intellectual property, patents, websites, other key employees, contracts, etc. etc. Assets are valuable!

If, however, you the business owner, don't have a plan for what you will do with your assets should you:

(1) become disabled and unable to continue in the business

(2) die unexpectedly or

(3) need to get out of the business quickly for another reason (a relocation, family emergency, etc.)

then the assets in your business will be almost worthless.

Every entrepreneur needs to think about what will happen to the business if they decide or are forced to move on. Women entrepreneurs particularly, due to their emotional attachment to the business, must consider how to reap the rewards while they are growing the business - rather than as they feel burnt out and ready for retirement.

Too many entrepreneurs close the doors on a business and walk away because they didn't believe they would ever tire of the experience.

Can you imagine giving birth to a child and spending 18 years of providing love, shelter and financial resources only to wake up one morning and have him/her gone from your life?

This is exactly the feeling many women entrepreneurs experience when they have built a business and not plan for its future. There is no greater future for a business than to sell it to someone else who brings a new enthusiasm to it and takes it to the next level and PAYS YOU $$$ for the opportunity.

Just as one of the greatest experiences in a women's life is to watch as her child moves out of the house and creates a successful future on her/his own.

Start planning an exit strategy for your business today and be prepared.

A fail to plan IS a plan to fail.