What is your exit strategy?
You can’t operate your business forever. Take a moment to get comfortable with that. Now, you have to make a decision. What is your exit strategy? Here are your options:
This option is not recommended.
2. Sell your business
This can be a great option. However, if this is your strategy, you will need to plan several years ahead of the anticipated sell date.
3. Close your business
Why would you work hard and put your blood, sweat and tears into your business only to close it?
4. Go out of business
This option is not recommended. Going out of business is a terrible plan, which is why when it happens, it is because no plans were made.
5. Make your business a generational money machine for future generations
We love this option. However, in order to create this generational money machine, we have to first transform you into a Financially...
Who will operate your business when you can’t?
So what happens if you can no longer operate your business? You have worked so hard to build your business. Have you been training anyone to operate your business if you cannot? Your children? An employee? Your spouse?
An exit strategy is one thing. But what about the unexpected? What if you suddenly cannot operate your business? Who will step in? Do they know their prospective role? Have they been trained? Do they understand the business?
Don’t let your business die because you thought you would live forever. (Spoiler alert….you won’t live forever.) Your business can thrive beyond your lifetime if you start planning right now. You’re not getting any younger. But like fine wine your business can get better with time. Start now.
Make the passing of the baton a smooth transition.