Do you have an exit plan?

If you own your own business, do you have an exit plan so you don’t have to run your business forever? Many people start businesses without any idea how to exit them and because of this, they become a slave to the business. They can’t afford to retire because they have been using the proceeds from their business to pay their day to day bills and while the business is doing well, if they don’t have a plan to exit, the value of the business is negligible.

You should be planning on how to exit as soon as you start your business. Plan how to sell the business or how to shut it down or how to merge with someone. Don’t wait till you are wanting out, make the preparations early and things will go much better.

If you work some someone else, the same thing applies. Figure out your exit strategy, whether it means retiring, a promotion, finding a different job etc. If you wait till you have to exit, it’s most likely too late. Whenever possible, you want to leave when it’s your choice, not when it’s someone elses.

Like most things, this is all about control. Know your options for exit and you have much more control than if you are being exited and don’t have any options.

The thing most people don’t understand is that in most cases, you do have a choice. Sadly, too many people wait till it’s too late and at that point, they don’t have a choice.

Keep in mind, when you have a choice, you have power. When you don’t have a choice, you have no power.

Have a great day!

Lawrence

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