10 "not-so-secret" steps for business success - Step #9

Step #9 - Think about the end game . . .

Corporations technically exist into perpetuity; human beings do not. And though we’d like to think that we’ll defy the odds and last forever, reality will eventually catch up with us. Life has a beginning, middle, and end. In fact, even businesses can have their own life cycles. It is for reason that when managing an organization we need to be thinking about the eventual end game and our strategy to deal with it.

Even if an “exit” is theoretically many years out, developing a strategy for it serves as a good reality check, forcing us to address such issues as:

• Type of eventual disposition (liquidation or wind down, family/employee continuation, outside sale, etc.)

• Succession planning and staff development needs

• Financial considerations and personal retirement planning

• Various timelines – considering different circumstances, causes, and outcomes

Once developed (even if a bit hazy), an exit strategy plan helps provide guidance, clarity, and consistency to our decision making (both short-term and long-term). Of course, like with any plan, circumstances can change. And when they do, one needs to modify/adjust the exit strategy accordingly.

In summary, how things exactly play out will also be a somewhat of a mystery. But life moves fast, and getting caught procrastinating without thought of the exit strategy may cause the game to end on a sour note.

#Stepsforbusinesssuccess