No More Exit Strategy Necessary

Huntsville Times:

Exit strategies for small-business owners may be a thing of the past. That’s because many entrepreneurs no longer see the business as a means to an end. Rather, it’s becoming a means to the here and now.

When starting my professional career, mentors and consultants preached the benefits of planning for the end. I was told, by the time you start a new business, you should already understand how you want to get out of it.

Do you want to sell and retire to the beach? Then you must strategically plan for the optimum time to do so. Or perhaps you want to identify a key leader for the company, and slowly ease out of your daily management role.

Got a family-owned business? Then you better groom the appropriate heir and designate a date to pass the throne. Whatever the situation, the purpose is to identify your long-range goal, and understand how your small business helps achieve that ultimate vision of your future.

The way in which you convert that vision into a reality is considered your “exit strategy.” It’s your plan for leaving the company and entering that next phase of your life. After all, that’s why you bust your hump growing a business and turning profits. Right?

Photo by leff.

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