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Rating: 
Summary: Do You Even Have One?
Review: Engel offers seven ways "to maximize the value of the business you have built." His key point seems to be that, whether or not you plan to "exit" now or within the next 12-18 months, you still need to maximize and quantify the value of your company. He offers a wealth of information and insights which suggest HOW. For owners of privately-held companies, Engel's book will walk them through the process, defining the exit strategies and approaches to them, and then review their implications for funding, income building, personnel, corporate culture, expansion planning, and other matters encountered along the way. Here are the seven strategies:• Selling to a strategic buyer • Selling to a financial buyer • Going public • Liquidating your assets (that is, milking your business) • Enforced liquidation • Managing for life Engel examines each of these seven strategies (or options) in detail. I am reminded of what Prime Minister Begin said, after formulating the accords with President Sadat at Camp David when asked how their agreement had been reached. "We did what all wise men do. We began at the end." Engel expresses a similar thought in the Conclusion: "The exit strategy, then, should be the first and last piece of the business puzzle every entrepreneur assembles. It ought to be the first decision entrepreneurs make because it has as much impact on their future as anything else -- and it will be their last decision because eventually they must exit." Why wait? Plan the exit strategy now. Engel explains HOW.
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