Write an Exit Strategy

Write an exit strategy document for a business owner.

Business context:
- Business type: [WHAT THE BUSINESS DOES]
- Annual revenue: [APPROX]
- Team size: [NUMBER]
- Owner's goal: [RETIRE / CASH OUT / TRANSITION TO MANAGEMENT / PASS ON TO FAMILY]
- Target timeline: [WHEN THE OWNER WANTS TO EXIT]

Cover these exit options:
1. Trade sale to a competitor or strategic buyer
2. Management buyout (MBO)
3. Private equity acquisition
4. Passing to a family member
5. Liquidation (as last resort)

For each option include: suitability for this business, pros and cons, typical timeline, and valuation considerations.

End with: recommended approach for this owner's goals, and 10 preparation steps to maximise valuation before exit.