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Business Succession
Now That You’re In, How are You Getting Out?
Exit Strategies for Business Owners and ProfessionalsBy Richard E. Durfee Jr. The Price You Paid. You paid the price to get in your business or practice. Are you getting the rate of return on your investment that you should, or are you underpaid? Do you know when you will be done and how you are getting out? Do you know if the amount of money you're currently making is enough? How long could you support your current lifestyle if you stopped right now? How will you know when you've made enough money and can safely take back some of your time? Do you have all the time you want right now? When you stop going to work, and step off the treadmill, will the value you created simply disappear, or will you get paid for walking away? The Price of Ignorance. Not knowing the answer to these questions is a source of stress that will negatively affect not only your business but every other aspect of your life as well. If you don't know where you're going, it doesn't matter which direction you travel, or how fast you go. “Burnout” is not a function of how much work is required of you, but whether or not your work is meaningful. The Power of Knowledge. Knowing your purpose, your time frame, and your exit, will make your practice or business more meaningful, more profitable, more fun, and easier to leave when you're done with it. Planning an effective exit strategy is more than simply knowing where the doors are – it is knowing where the doors lead, and preparing accordingly. An affective exit strategy will:
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