An exit strategy? I just got started!

Guest post by: Mandie Crawford
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Communicating Your Message - Your Info-mercial - By Mandie Crawford

Unfortunately, when I start talking about succession - I get a lot of push back from entrepreneurs. "Why should I already be thinking about closing or selling my business - I am just starting to build my business?"

Succession planning is not just about quitting, retiring, closing or selling your business. Succession planning is about how you BUILD your business. When you build it with the end in mind (eg selling it for a profit) you build it so that it is turn key.

What is a turn key business? It is a business someone can buy with little or no training. In other words it is set up so anyone can take it over with a little education and knowledge.

Yes, right now your business has a little of your personality in it, and that is ok. But have you looked at the structure of the business? Is it operated and supported by manageable systems? Or is it simply, find customers, sell product, find more customers. If it is the latter - it is not a sustainable or a turn key business.

What systems do I need?

A business that is supported by systems includes automated list or data base building systems, automated communication systems, automated or scheduled follow up systems, customer appreciations systems, automated financial systems and standardized processes for all activities. In addition to having these set up a business also needs a manual (policies and procedures) to explain these processes to anyone new coming on board, and anyone who may be interested in buying the business.

It's never too late to start

It's true - it is never to late to start. Building your business with a succession plan can also free up your time and help your business to become or to be more profitable regardless of whether you want to sell it, give it away or just close it down when you decide to retire or move on to something else.

My business is too small

I hear this all the time. No business is too small to build into a turn key business. Again it simply require that the business owner set up systems to make it turn key. And most times - doing that surprises the business owner by making it more profitable!

How do I begin

Think about how you could turn what you do or offer into a standard offering, and think about how it (or part of it) can be delivered by someone other than you. Most often a business coach can help you to see how you can do just that.

Succession planning really encourages us to build a business that we can sell - and what better way to end your career - with a healthy cheque in hand!

If you are interested in business coaching or assistance with succession planing - book some coaching by contacting Mandie Crawford to learn how you can better automate your business so that you can have more time off now and have a turnkey business you can sell, or will to your family when you are ready! .

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Communicating Your Message - Your Info-mercial - By Mandie Crawford

About the Author: Mandie Crawford

RSS for Mandie's articles - Visit Mandie's website
Mandie Crawford is a marketing expert, business coach, trainer and motivational speaker who was recently awarded Calgary Business Woman of the Year for her contributions to the business community.
Mandie also has skills and expertise in providing high quality guidance in time management and system implementation for small a medium sized businesses. Her passion as a business and professional development coach is to helps women recognize their value and self worth.

She is the President of Roaring Women Ltd which is Canada's premier national business support group for women in business that focuses on connecting, promoting and educating women in business. In her goal to encourage and educate women in building business across the country, she launched and completed a 6 week coaching tour in partnership with Staple Business Depot in 2008 where she coached over 600 women in business.

Mandie is mother to four children and 3 stepchildren and one highly energetic chocolate lab! Ms Crawford is also a former award winning police officer with Halton Regional Police.

Click here to visit Mandie's website.

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