How to Sell Your Company -- And Not Let the Door Hit You on the Way Out Consider these three tips to develop an exit strategy for your business.

For many entrepreneurs, the motivation to log long hours, take incredible risks and work for peanuts is, simply, the exit sign--the prospect of selling out and cashing in. One of the most common questions I was asked while building my company was, "What is your selling price?" It didn't matter what stage the company was at, what it was worth or what its potential was. I thought there'd be a day when I'd get an unsolicited envelope in the mail, freeing me from the stress and financial pressures of running a company. On top of that, I'd get to name the price. What a deal.

Related: The Value-Creation Equation

Nothing could be further from reality. Exits happen because acquirers open windows of opportunity. Like a real house, windows open from the inside. The notion that founders can force an exit is a bit like thinking they could walk up to a house, open a window and sit down with the owners without recourse. In most cases, exit windows come about because of the circumstances of the acquirer, not just the seller.