You’re in business, right? You made a lot of plans to get started, you were careful to develop a good product or service, and people have started taking you up on your offers. Maybe you’ve been doing this for a few years and you’ve made a comfortable living recently after struggling through the inevitable growth period.
Now you’d like to step back a bit, perhaps keep your hand in the operation without dedicating yourself to 80+ hours each week. You can certainly do this and you probably deserve to. But how much time and effort have gone into planning at this point? Have you devoted as much time to your exit strategy as you did to the early years of your business?
Don’t Need One?
Yes, there are a lot of question marks in these early paragraphs but they’re here for a reason. Even if you believe that you can operate your business profitably for several more years, you should begin to plan for changes that could happen very quickly in both your personal life and in your company. In fact, this is the right time to become more familiar with some of the myths surrounding the exit from a business of the founder, owner, and chief of operations.
One of the most damaging myths is this: I don’t need an exit strategy now. Many owners and managers believe that they should just develop one when it’s time to sell the business. But the owner of any small business should anticipate the day that you’ll sell or turn over the reins. This may seem as if it would be a painful process but the discomfort you feel as you plan to leave is bearable compared to the difficulty that you could experience if you simply walk away one day without a roadmap.
A second myth that you should fully understand involves the time that it may take to create an effective exit plan. You’ll be best served by changing the way that you view this period of your business life. Rather than telling someone that you can’t afford to spend time on a strategy, you should consider that time and effort an investment in your business, one that will ensure its success in the future. After all, you’ve spent a lot of time getting to this successful point; why would you avoid doing what you need to do to help the company continue to move forward? Why not work with the Exit Strategy Group to develop your plan today?
The Word “Earn”
A third myth involves this word, “earn”. Too many business owners are also the chief producer in that business so they measure success and the value of the company by how much they earn. This figure is only a part of the complete picture.
Your strategy should be tailored to your specific setting and the plan involves a lot more than the annual income that you derive from the process. What you should do is plan in advance with the help of a specialist who can uncover the benefits of getting started now rather than waiting for the last day. It’s the best way to claim more of the wealth that you’ve developed through the years.