Harvesting a small business involves strategies for extracting value from the business, whether through selling, transferring ownership, or scaling down operations. A well$-$considered harvest plan ensures that the business$$s value is maximized and transitions are managed effectively. Reflect on the following questions:

What are the key elements of a successful harvest plan for a small business? Discuss aspects such as business valuation, exit strategies $($e$.$g$.,$ selling, merging, passing on to family$),$ and financial planning. How does each element contribute to the overall success of the harvesting process?