Smart Exit: Steer Your Business To Success

Become your firm's venture capitalist. Map your succession. Decide your date, dollar, and method. Then, execute that plan! Every business owner needs a destination port toward which they're sailing. That port must be beyond just operating profitably. The "successful" owner must groom staff, mentor a new leader, and transfer ownership with a healthy retirement account for their years of effort. Good teachers have students who become greater still. Socrates had Plato, who's student was Aristotle, who taught Alexander the Great. How great can you engender your successor to become? Business owners of any age must be prepared for surprises. Always have a job progression plan for staff and career progression for yourself. Venture capitalists plan their exit as they plan their entrance into a new firm. Starting tomorrow, set in motion your way out of today's business into your next opportunity. Teach your staff to "Steer Your Business To Success." Empower the team and a new leader will emerge. To attract today's customers and tomorrow's staff, you must support a "learning environment" to distinguish your firm, your products and your brand. Demonstrate and teach leadership. Train the team to build, not just operate your business systems. Ignore this and your firm will risk suffering and sinking when an inevitable competitor, accident or illness strikes you or other key employees. Coach individuals to grow professionally as they serve customers. Make the most competent leader or leaders your partner. Mentor and groom them to buy out your interest, so you can move on with capital for your next adventure.