Entrepreneurs should have an exit strategy in place to ensure a smooth transition when they decide to leave the business. Common exit strategies include:
1. Acquisition: Selling the company to another business or investor. 2. Initial Public Offering (IPO): Offering shares of the company to the public through a stock exchange. 3. Merger: Combining with another company to form a new entity. 4. Liquidation: Selling off assets and closing the business, often used when the business is not performing well. 5. Management Buyout: Selling the company to the current management team.