Prepare for succession, sale, or long-term transfer
Three paths: 1) Lifestyle business (ongoing income), 2) Sell to operator ($200K-$500K at 3x EBITDA), 3) Franchise model (royalties).
Document all processes from day one
A well-documented business sells for 2-3x more than an undocumented one
Build the business to run without you
Owner-dependent businesses are nearly unsellable
When do you want the option to exit?
Understand current business value and growth trajectory
Who would run the business if you stepped away?