Exit Strategy! Something unattractive about that phrase – you’ve worked hard, you’ve built your business, is it now time to give up and throw in the towel? Hell no! An exit strategy is a deliberate, focused effort to give yourself a golden parachute!
One picture of the parachute is that it’s a perk for the privileged, possibly undeserved, certainly overcompensated. Now, consider that you sat down to design your own Golden Parachute. What would you do when it popped open? A retirement commercial talks about opening a winery, creating a ski area. (Ugh! Sounds like making work out of recreation.) How about doing some things you’d really like to do, and have been putting off because you’re too busy? Look at these two questions. 1.Does your business have a six-figure income right now? 2.Would you like to give someone the keys to that income (and expense), and accept a juicy 10-year payout in return? That, in simple, is the deal. If you’ve answered yes to both, please read on.
An exit strategy involves two critical components:
First, a business redesign which allows someone else far less knowledgeable than you to come in, turn the key in the ignition, and get things going right away. They won’t have the knowledge you have. They won’t know the client base, and the sales and marketing issues. They won’t have the technical know-how. But they will have the funds to create real equity for you!
Second, a vision of “life after work?” One friend has been traveling the US in a 36’ motor home for the past 5 years, seeing the things that he and his wife were too busy to see all their life. Sends a long Christmas email. Another is somewhere overseas. Has been for a while. Postcards occasionally. A third is taking it easy at home. What lights you up?
If you’d like to generate your own exit strategy, I can help. As with so many other things in business, preparation is 90% of the game, and timing is everything. The last of the baby-boomers are good markets for your business. The Generation X’ers are often a tough sell. They think they’re entitled. They’re not like you or me. I’m an entrepreneurial junkie – I’ve started 8 businesses in my life, including a commercial deep-sea diving company in Africa. More details on LinkedIn or on my bio. As a professional business coach, I’ve worked with hundreds of small business owners for the past 14 years. But, if you’ve been giving a thought to your future, send for my small-business planning guide- my gift to you and your future.Use my email, (see bio) or I'll take your call.