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 What do you want – When do you want it?
When It’s Time To Cash Out – You Need an Exit Strategy
Imagine a time when you won’t work in your business every day. If you can, you need an Exit Strategy. Maybe you’d arrange to spend less time in your business, while drawing income from it. Or you want to cash out, and not look back. You have to line up Money, People, and Taxes your way to make it work, and most of it depends on what other people can, and will do. You’re leaving.
Money, People and Taxes can run you in circles. Legal, tax and financial advice can compound the confusion as each advisor may (seem to or actually) give you different answers. There’s a reason for that, and we have to fix it. Because putting it off doesn’t make it better – just more urgent, let’s use an approach that sorts it out, gives you answers and a plan.
Your exit strategy is a process and an education, just like building the business has been. You don’t do it all at once. You do it in steps. Do it all at once and it’s a wall you can’t see over. Do it in steps and it’s like walking up a slope until you can see far from a high place. Do you sell, or let the business run itself? Will your partners run it for you while you take time off – maybe full time off? Will you have a new boss? How will you get paid? Will you get paid? That’s all-at-once. We’re talking – Steps.
Why not take control of the process to get what you want? Do it in steps.
Step 1: What do you want, and when do you want it? Ask the face in the mirror!
Self Assessment. This is your ball. Others can’t give you what you want (even useful advice) unless you name it. Once you decide what you want and when you want it, the rest is just steps to get you there, doing what it takes. An Exit Strategy identifies the steps and strings them together so you can get what you want. Don’t think about how, or whether, or who, yet. Those are later steps.
Step 1 starts at the mirror - Go there and listen to the face in the mirror.
Once you have done Step 1 you’ll be wanting to go to Step 2, and you will see that in a future article.
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