This is a loaded and complex question because there are so many variables that go into solving it. That said, it starts with a singular question -- what is most important to you and your family? Establishing clear goals upfront puts a stake in the ground to work towards.
The answer is unique to each person depending on their goals, what they value most, the lifestyle they want to live, the impact they want to make, and the legacy they want to leave. Similarly aged business owners, with similar businesses in the same industry may have dramatically different numbers depending on their answers to the question.
Business owners often over-inflate the value they think their business is worth. However, they also tend to overestimate the value they think they need to extract from their business to achieve financial freedom.
Having clear goals & values that are known makes the number-crunching side of the equation palpable. Without it, you’re shooting darts.
The financial & exit planning process is an iterative one. Goals change and life happens. When and if you achieve the ultimate goal of financial freedom, the trick is to not screw it up!