What is your EXIT strategy?
I know you think you will work your business forever, but that’s just not realistic. I can hear you saying: “But I LOVE my business… I don’t want to stop working… I can’t stay at home and do nothing… I like to work… I miss the activity, and cannot let it go…” Those are all valid arguments against retiring but sometimes your exit from your business is not completely within your control.
Even if you can and will work for the rest of your life, a great business should live longer than the founder. The only way to ensure your wishes are respected is through proper planning. Don’t let your LEGACY disappear! Make sure you have an exit strategy! Here are just a couple of exit strategies to consider as you’re putting your plan together:
· -- Sell your business: Mark Cuban, Kevin O’Leary, and many others became billionaires by selling their businesses.
· -- Pass your business down to a child or family member: Some people want to make their business a family legacy, passing it down to their children and/or grandchildren. Make sure you have an adequate plan to execute this desire. You also need to be prepared if your children decide that they do not want to run your business.
I understand that none of this is exactly pleasant to talk about because you’re actively building your business now. But, despite your feelings, you need to give some consideration to what is best for the business. You put your blood, sweat and tears in your business for many years – it is your child – so you must make sure it will thrive after you are no longer around, or are no longer able to actively work it.
Regardless of your specific exit strategy, make sure you have systems in place to execute it properly; whether your plan to sell your business or will it to a family member, you want to make sure to leave an easy to follow blueprint to sustain your business for years to come.