by Kraig Ware, VP of Operations, TYGES International
I recently went on a trip and something caught my eye in a different way this time. Like you, I have stayed in many hotels and they all have something in common…an Exit Strategy.
They all look pretty similar and clearly communicate two things: #1 Where you are and #2 Where you need to go. When we look at our businesses: #1, where we are, is pretty obvious and easy to define. However, #2 may not be clearly identified by you, much less privy to your team(s).
Larger companies typically have several “Succession Plans” for key employees and/or a group of Board Members to navigate the storm when their leader (a.k.a. Owner, CEO, President) exits the company. In many cases, that leader has a handsome “golden” parachute to ease his or her departure to another company or into retirement. However, what about the multitude of smaller businesses that make up the US economy?
There are almost 28 million small businesses in the US and over 22 million are self employed with no additional payroll or employees. So odds are, this effects you in some way as over 65% of the jobs in the US funnel into the category of a Small Business.
So let me ask you again, “What is your company’s exit strategy?”
I mean you could just close shop and walk away. But what about your team, your customers, your future customers? What about the investment that you are currently making and the potential for future revenue based upon your expertise in your industry or space? Although most of you would think that this option seems crazy to do, this is probably the most common approach (intentionally or unintentionally). More than likely this action would be unintentional or a better way of saying it, “There wasn’t an Exit Plan in place.” Things happen, Right?
Another option is to prepare an Exit Plan that would benefit your customers, your team if applicable, as well as, you and your family. Once this plan is created, it needs to be clearly defined and communicated to key people within your business and/or key people within your world of influence. At TYGES one of our Core Beliefs is:
“Recruiting is an INTENTION business, not a passive business.”
I believe that this statement holds true to any “plan” in your business or within your life. Perhaps you do not know where to start. I would suggest that reach out to key people within your industry, even competitors. Perhaps they already have a plan that they will share or they would possibly be interested in a joint venture, coop, or some other synergy that would be beneficial to all involved.
We’re here to make good things happen to other people.
Categories: Practical Advice