--- title: 6 Actionable Steps for Preparing Your Exit Strategy description: As a plumbing or HVAC business owner, how do you create an exit strategy? Follow these six steps to successfully hand off your business to new ownership. image: https://info.p3services.com/hubfs/plumbing-hvac-company-exit-strategy.jpg --- [Skip to content](https://info.p3services.com/blog/exit-strategy#main-content) [![p3 services plumbing hvac](https://info.p3services.com/hs-fs/hubfs/Screen%20Shot%202023-01-05%20at%208.42.07%20PM.png?width=642&height=164&name=Screen%20Shot%202023-01-05%20at%208.42.07%20PM.png)](https://p3services.com/) - [About](https://p3services.com/about/) - [Work With Us](https://p3services.com/work-with-us/) - [Partners](https://p3services.com/partners/) - [Blog](https://info.p3services.com/blog) - [Contact](https://p3services.com/contact/) Open main navigation Close main navigation - [About](https://p3services.com/about/) - [Work With Us](https://p3services.com/work-with-us/) - [Partners](https://p3services.com/partners/) - [Blog](https://info.p3services.com/blog) - [Contact](https://p3services.com/contact/) - [BECOME A PARTNER](https://p3services.com/about/#) [BECOME A PARTNER](https://p3services.com/about/#) Nov 6, 2023 # 6 Actionable Steps for Preparing Your Exit Strategy ![Picture of Chad Lusco](https://info.p3services.com/hs-fs/hubfs/chad%20pic.png?width=50&name=chad%20pic.png) [Chad Lusco](https://info.p3services.com/blog/author/chad-lusco) Share: [facebook-f icon](http://www.facebook.com/share.php?u=https://info.p3services.com/blog/exit-strategy) [linkedin-in icon](http://www.linkedin.com/shareArticle?mini=true&url=https://info.p3services.com/blog/exit-strategy) [Twitter icon](https://twitter.com/intent/tweet?url=https://info.p3services.com/blog/exit-strategy) [pinterest-p icon](http://pinterest.com/pin/create/link/?url=https://info.p3services.com/blog/exit-strategy) [envelope icon](mailto:?body=https://info.p3services.com/blog/exit-strategy) From P3 Services' CEO - Services, [Chad Lusco](https://www.forbes.com/sites/forbesbusinesscouncil/people/chadlusco/),Forbes Council Member, Forbes Business Council As a business owner, you accept there's no such thing as “two weeks’ notice.” Grappling with a transition or succession plan can be challenging and emotional, but you’ll need to prepare an exit strategy well in advance to maximize your ROI and ensure the continuation of your company. You should plan this strategy at least three to five years in advance (ideally ten years) with the understanding that your goals and business may evolve over time.   ![plumbing hvac business owner considering exit strategy](https://info.p3services.com/hs-fs/hubfs/plumbing-hvac-company-exit-strategy.jpg?width=1280&height=720&name=plumbing-hvac-company-exit-strategy.jpg) ## 1. Identify your expectations. Every business owner needs an exit strategy, but not all exit strategies are right for everyone. You’ll need to spend some time reflecting on what's right for you. There is no right or wrong answer; your exit strategy should allow you to meet your goals—both personal and financial—and your business' needs. Each strategy has its unique set of advantages and disadvantages. Consider these common types of exit strategies:   ### Legacy Keeps the business in the family by choosing a successor, but can often come at a discounted price to the seller and substantial debt service to the buyer.   ### Merger and/or Acquisition M&A (via private equity or investment group) may benefit the seller with a higher purchase price, but the business may become part of a larger entity or investment portfolio with a new set of procedures or strategy.   ### Strategic One company (typically a direct competitor) purchases another to acquire its talent and/or book of business, often with the hopes of finding synergies, efficiencies or cost savings through consolidation.   ### Friendly Buyer Involves selling your stake to a partner or investor; often involves minimal disruption to the business, but may not achieve the highest purchase price possible. [Continue reading at Forbes.com >>](https://www.forbes.com/sites/forbesbusinesscouncil/2023/11/02/6-actionable-steps-for-preparing-your-exit-strategy/) ## Related posts [![selling your plumbing or hvac business](https://info.p3services.com/hs-fs/hubfs/selling-your-business.jpg?height=200&name=selling-your-business.jpg)](https://info.p3services.com/blog/selling-your-business) ## [Unveiling the Parallels: Why Selling Your Business Is Not as Unfamiliar as It May Seem](https://info.p3services.com/blog/selling-your-business) ![Picture of Chad Lusco](https://info.p3services.com/hs-fs/hubfs/chad%20pic.png?width=50&name=chad%20pic.png) [Chad Lusco](https://info.p3services.com/blog/author/chad-lusco) May 15, 2024 From P3 Services' CEO - Services, Chad Lusco, Forbes Council Member, Forbes Business Council [Read more](https://info.p3services.com/blog/selling-your-business) [![streamlining plumbing business](https://info.p3services.com/hs-fs/hubfs/streamline-plumbing-company.jpg?height=200&name=streamline-plumbing-company.jpg)](https://info.p3services.com/blog/streamline-business) ## [Best Ways to Streamline a Business: Processes & Workflows](https://info.p3services.com/blog/streamline-business) [The P3 Services Team](https://info.p3services.com/blog/author/the-p3-services-team) Feb 15, 2024 Almost every business could be more efficient in some way, especially as technology continues to... [Read more](https://info.p3services.com/blog/streamline-business) [![plumbing company acquisition](https://info.p3services.com/hs-fs/hubfs/plumbing-company-acquisitions.jpg?height=200&name=plumbing-company-acquisitions.jpg)](https://info.p3services.com/blog/redefining-acquisitions-from-takeover-to-mutual-growth) ## [5 Steps To Redefining Acquisitions: From Takeover To Mutual Growth](https://info.p3services.com/blog/redefining-acquisitions-from-takeover-to-mutual-growth) ![Picture of Chad Lusco](https://info.p3services.com/hs-fs/hubfs/chad%20pic.png?width=50&name=chad%20pic.png) [Chad Lusco](https://info.p3services.com/blog/author/chad-lusco) Sep 12, 2023 From P3 Services' CEO - Services, Chad Lusco , Forbes Council Member, Forbes Business Council A... [Read more](https://info.p3services.com/blog/redefining-acquisitions-from-takeover-to-mutual-growth) [facebook-f icon](https://www.facebook.com/p3servicesplumbing) [linkedin-in icon](https://www.linkedin.com/company/p3-services-llc) [instagram icon](https://www.instagram.com/p3_services/) --- [![P3 Services Plumbing HVAC](https://info.p3services.com/hs-fs/hubfs/P3%20Services%20logo-RGB02.png?width=159&height=102&name=P3%20Services%20logo-RGB02.png "P3 Services Plumbing HVAC")](https://www.p3services.com) Copyright © 2026, P3 Services ```json { "@context" : "https://schema.org", "@type" : "BlogPosting", "author" : { "@type" : "Person", "name" : "Chad Lusco", "url" : "https://info.p3services.com/blog/author/chad-lusco" }, "dateModified" : "2023-11-06T16:04:28.771Z", "datePublished" : "2023-11-06T15:58:23.000Z", "headline" : "6 Actionable Steps for Preparing Your Exit Strategy", "image" : [ "https://info.p3services.com/hubfs/plumbing-hvac-company-exit-strategy.jpg" ], "mainEntityOfPage" : { "@id" : "https://info.p3services.com/blog/exit-strategy", "@type" : "WebPage" }, "publisher" : { "@type" : "Organization", "logo" : { "@type" : "ImageObject", "url" : "https://info.p3services.com/hubfs/P3%20Services%20logo-RGB.png" }, "name" : "P3 Services" } } ```