It doesn't matter if you have been in your business for 10 months or 10 years; creating an exit strategy is one of the most valuable things you can do for your business. Yet, very few entrepreneurs want to talk about it. At our business growth events, we find that only a fraction of the attendees—driven, passionate leaders—have plans for exiting their company.
And we get it. You love your company. It's like another child you've invested your heart and soul into. Why would you want to talk about selling it?
But the truth is that a company without an exit plan is just a hard job with a lot of risks.
Even if you don't intend to sell your business in the near future, you have to run it as if you are.
You will run your business differently if it is possible to sell it. You will be more strategic, more efficient and more profitable.
Having an exit strategy is the difference between working a job until you are exhausted with nothing more to give and leveraging your company into self-sustaining success. The point of owning a business is to create systems that thrive and make money even when you aren't there.
Executive business coaching can guide you to create a transition plan that aligns with your company values and your personal goals. That way, whether in one, five or 20 years, you'll be prepared to pass on a thriving company and set yourself up for the life you've dreamed of.
The what and why of an exit strategy
An exit strategy is a plan for removing yourself from your business in a way that maximizes your benefit and the future of your company.
There are a variety of motives for exiting a company. Yours may include:
- You have accomplished everything you wanted with the company and are ready to move on to a new business venture.
- Your goal was for your business to reach a certain amount of growth. You reached that goal and are ready to sell.
- You are ready to step away from the day-to-day operations of running your business.
