When starting a business, many business owners are working so hard in the day to day operations to get their business established that the thought of selling it is usually the furthest thing from their mind. However, an exit strategy is a crucial element every business owner needs to consider, if that is, they want to exit the business on terms favorable to them. If a business owner has a plan to exit the business when it achieves certain performance goals they will have the best chances of receiving highest price for their business. Without a plan many business owners are left to sell their business at a less than optimal time, reducing the profit they might receive. (Click here for the most common reasons business owners sell their business)