Millions of small businesses across the country are sold every year to first-time small business owners, repeat small business owners, competitors, employees, the public market, and often to family members. These small businesses are owned by men and women and in order to obstain the best selling price for the business require an strategic exit plan.

In my experience, as a business coach working with both men and women, women have the more difficult time in separating the emotional from the practical in determining the valuation and the future for the business.

Every entrepreneur needs to plan for an exit. Too often entrepreneurs exit their businesses with no plan due to illness, disability, burn out, and, yes I have to say it, DEATH. You may believe that you will outlive your business, but wouldn't it be smarter to believe that your business will outlive you. Think APPLE, FORD, HEINZ to name a few.

An exit strategy puts you in control of your future - think retirement and next chapter in the story of your life.

Every startup entrepreneur I coach is required to spend time thinking about a potential exit for the business they are thinking of starting. Why? Because building your business with an eventual sale in mind will help you invest in your business appropriately in areas that add value to the venture. If you have been in business for at least three years and are making profits and don't have an exit plan you are risking everything you have invested since inception. And, if you are one of the exceptional entrepreneurs who has managed to get through five years in business and pay yourself a salary from the business as well as maintain profitability and you don't have an exit plan - YOU ARE RISKING YOUR FUTURE as well as the future of your employees, vendors, customers and community. All of these people have come to depend on your business - NOT YOU - even though I can read your mind here -- it is the business that sustains the employees, vendors, customers and community!

So, let's get to it:

First, take an honest look at your business. What does it do? It sells widgets. It provides some type of business service? It has contracted customers? It has employees that will stay with the business? It will be relevant for 5 years, 10 years, forever? It can live without YOU?

Yes, this is the big question. Can your business survive without you?

The answer has a lot of variables. First, you started the business so, of course it, has your mark and has succeeded due to your energy, investment of money and time, and sheer determination to make it. But, can someone do what you do in the business?

The answer is almost always YES - even if you don't want to admit it. If you answer NO to this question than I must tell you that you are killing yourself working in a hobby NOT a business.

Every true business can be operated by someone new if a plan is in place to permit it to happen. It's time for you to stop procrastinating about planning an exit and start doing it.

The only way to guarantee that you will eventually be able to reap the value of your business is to understand what are the business' true assets. Do you have a lease that is transferable? Would a new owner benefit by taking over the lease or could the business be moved?

These are just some of the many questions you must ask yourself as you plan for an eventual exit. Most importantly, as a women entrepreneur you must separate yourself from the business. You are NOT your business!

As someone who has been there and done that, starting a business, growing it and eventually selling it, I know how hard it is to hear from everybody that "!" - but if you believe this you will never be able to sell your company. You are not the business - you are its founder, perhaps CEO or President, owner and operator and chief dish and bottle-washer no doubt. You are also, more than likely, the face of the business...but don't let that get you thinking faces can't change ---they can and they do with a fine-tuned exit strategy plan.

All women entrpreneurs, entrepreneurs, and small business owners must promise themselves NOW that 2013 will be the year that they take action in addressing the most critical aspect of the business - an exit plan.

And if I can help you, email me vicki@vickidonlan.com to schedule an appointment to chat.