No Exit Strategy? |
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| One of the first things you need to do in business is plan the LAST thing you will do with your business. No, Rich won’t be teaching you about your last will and testament. What he will talk about is your exit strategy. How do you want this thing to play out – what’s the endgame? It’s a given that you get to plan the beginning stages of your venture, but many entrepreneurs are ignorant to the fact they need to plan the end, as well. If you don’t create an exit strategy, the market will do it for you. Rich was startled once by this oversight, but only once. |
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| What do you want? An asset sale in 2 years? A dynasty? A cash out event to a competitor? You don’t need a crystal ball, you just need to choose. As variables in the market change and evolve, change and evolve your exit strategy. There is no guarantee you’ll get exactly what you want, but knowing where you want to end up will certainly help you set your feet in that direction. |
| It is ironic in some ways that the best time to plan or make preparations for your exit is when you are first starting your company. This doesn’t mean you have to lay awake at night strategizing step-by-step, but understanding what your exit will help guide the decisions of how you build, structure, organize, and establish your business. Exit stage left! |
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