Is an "Exit in a Financial Position" considering a success or a failure in financial management? It depends on one's objective. There are thousands of reasons to liquidate a position in an asset or a business.
Take profits, retire from active management, minimize losses, capitalize brand value, consolidate and restructure current portfolio are some of the common reasons people exit their businesses, depending partially on their role as a business owner, an investor, a venture capitalist or a trader.
Some "established" companies start to think of an exit strategy only when they cannot find any successors amongst their immediate and extended families, or their businesses have been in the doldrum, yet they don't want to see their loyal though shrinking customers or suppliers off, or they just want to retain a legacy. Many have deep emotional attachments to their businesses.
Exit strategy should be planned at the time when the business commences. Of course, some set up or invest in a business with the primary purpose of selling or liquidating it for a profit down the road. However, there are many who want the business to pass on through generations, yet it is wise to have an exit plan even if one has yet to envision any. Perhaps someone may have "forced" a plan on you.
When we were engaged to do a management consultancy project, even if it is a non-financial management project like branding and marketing strategy, we used to draft a mid- to long-term roadmap where the business will be good enough to go for public listing or be merged with a strategic partner to take the company to the next level.
An entrepreneur may commence the business with the right value propositions and is able to achieve some preliminary successes, yet to take the company up a notch requires different business acumen and capabilities.
To spur the company from good to become "great", financial management will be one of the key capabilities.
An Exit Strategy should be formulated and fine-tuned during all stages of a company's life cycle. It will have the business purpose anchored well to avoid unnecessary disappointments.
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