Most Business Owners I interact with say they will never stop working. They do however want to be less involved in the day-to-day running of the business, maybe in a consulting capacity or chairman-type roll. Even working in the business as an employee, doing what they want to do. Exiting a business is not difficult, but it is more complex, and takes much longer than what most people realize.
In #6 of “unpacking” and “demystifying” Vision, Mission, and Purpose (VMP), and why it is critically important, I look at Business Exit Strategy and Customers and Markets.
Business Exit Strategy – Personal Vision
Have you thought about when you would like to exit your business, and what that means?
Have you and your life-partner agreed on your succession and exit plans?
Have you chosen a successor or successors?
Is the path to succession clear to the successors including clear timelines?
Do you plan to retire and install the successor with powers within your lifetime?
Are the successors being groomed through a formal plan?
Do you have a succession plan for your key executives?
Have you planned for entrepreneurial/management education for your successors?
Do you have an operating agreement, partnership agreement and/or a buy/sell agreement in place with successors?
Have you developed a post-succession organization chart?
Does your operating agreement detail what happens to the business in the event of your demise?
Are any non-family members also involved in your succession plan?
Have you decided in what manner the stock transition to the successors will take place such as purchase or gifting?
How satisfied are you your Business Exit Strategy?
Give yourself a rating on a scale of 0 to 10, where 0 is “not at all” and 10 is “100% satisfied”.
Customers and Markets – Company Vision
Successful businesses are always, at least once a year, looking at their strategic advantage – Value Provided to Customers, and Key Differentiators Over Competitors, staying true to their Vision.
Reviewing market trends, customer/client behaviour, technology changes, etc.
Always looking at should we exit A and enter B, why, and how?
How satisfied are you with your penetration into potential markets, industries, and customers?
Give yourself a rating on a scale of 0 to 10, where 0 is “not at all” and 10 is “100% satisfied”.
For every Exit there must be an Entry to something else, in business and personal life.
If you are not satisfied with one or both of your above scores, let’s have coffee.