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If you are like many business owners, you love what you do. The steady stream of challenges and rewards that come with successfully leading and growing your company are one of the best reasons to be an owner. Additionally, you probably are good at what you do. If you were away from the company for any significant length of time, the business might suffer without you. For these reasons, few owners schedule extended time away from the business. Why spend time away from the company, when it is something you enjoy and being away could undermine its growth?

Business owners often struggle with how to talk with their employees about their future exit. Most owners want to be straight with their team but talking about exit feels taboo. As one owner said, his exit plans felt like “a dirty little secret” that he regretted keeping from his team. To some degree, that sentiment is common. Yet, having exit goals and plans is not dirty and should not be kept a secret.

Why does every business owner need an exit plan? Can’t you just focus on building and growing an excellent company, and the rest will take care of itself?

Ultimately, there are two reasons why just building a strong business is not enough to be assured of a successful exit. These two reasons, based on my experience, best explain why every business owner needs to create and follow an exit plan—years before you intend to exit.

When contemplating selling your business to inside buyers (typically one or more key employees), the issue of how and when to give up control becomes critical. You, the current owner, cannot risk giving up control too soon, especially if you are owner-financing at least some of the purchase. On the other hand, the employee(s) buying the company will want to have operational control as soon as possible. Before transferring significant control or actual ownership to employees, consider transferring some of the risks and responsibilities of ownership.

For many owners, determining how to exit is the hardest question. Yet it is essential because the answer identifies the issues and challenges you face and the appropriate tactics you need to consider for a successful exit.

Ben Franklin observed that death and taxes were two of life’s few certainties. We must add a third. Every owner will exit from his business, one way or another. Either during your lifetime or at death, your business will be given away, sold, or liquidated. These three outcomes are not exit strategies. The word “strategy” implies a desirable result. Death is not a strategy!