It's almost hard for me to remember what my life was like before I had my company. As an entrepreneur, don't you often feel like your business is a part of you? The same way we look at our small children and can't imagine ever sending them off to college, let alone homes and families of their own - for good or bad - most of us can't imagine letting our businesses go.

Still, unless you are planning to keep your business through retirement, or pass it down to future generations in your family, you should have a good exit plan. The value of your business should always be at the forefront of your mind. By evaluating today's success, small business owners can look ahead to the assets the business will have, and the freedom that all your hard work will hopefully provide you in the future.

To sell the business someday, there should be recorded revenue and systems and policies in place. The value that your business has and retains depends on accurate book keeping and growth that is visible. The longer your business has been successful and the more organized you are with financials as well as process, the better your chances of getting a great price for your business should you be ready to move on.

Every company should also have a strong vision, strategy and plan. A business plan that is put together when the business first starts, is not always the business plan three years later. Re-evaluating your business plan every few years will help your business continue to move in the right direction and will also help you set specific goals for the company. Having a current business plan that reflects the current state of your business is important to any exit strategy.

Other small businesses that achieve success may just consider selling equity in the business rather than completely relinquishing ownership. Again, good book keeping and organized financials are critical. This includes your hiring process, employees, vendors, etc. When an investor looks at your business they will also want to see a steady growth curve in terms of financial success.

This does not mean that the company had to grow in size with regards to number of employees, size of operation or building where the work is performed. It all comes down to having a viable product or service and steady revenue that can sustain itself.

It can understandably be difficult to believe the day will come - but selling your small business could be very lucrative and a great reward after all the time and effort put in. Love your small business, run it well, take care of it and keep good track of everything. Someday your baby will grow up and take care of you in your retirement.