Small Business School
Pathways and steps to building a business
Small Business School last update: January 2007 | view the current episode Small Business School
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Step 8 - "Exit at the top"
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Some say, "Good-bye, small business. I'm going to become a big business now." Others say, "I'm just getting a little liquid so I can do things I've been dreaming about doing."
There are many exit strategies. In one episode we looked at the eight possible ways to exit. In every instance, people said things like, "I'll never retire; that's boring; that's death." Most are looking – "I want to do a new business venture." Even Hattie and Bruce have an exit strategy and they share it as part of this exercise.
Some of us go onto the next step by growing larger than a small business (over 500 employees). Some exit just to be able to start over again (but this time they've got some money to do it)! Some sell and join the management team of medium (500 to 5000 employees) or large business (over 5000). Others have gone on to public service in the nonprofit or government sector. And, many others have become a mentor to the next generation.
A few do all of the above!
If you have done any part of the above, you've graduated. So, whatever you do, and wherever you go, remember your roots. Remember your spirit. Remember your compassion and mission.
If not, continue on. Let's work on Step 8!
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Get on your path and focus on the next step.
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Four Key Questions
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1. Models. What is your life model and what has become fundamental (or most important) for you at this time?
2. Community. Are all those who you have brought into your inner circle supportive of your exit strategy? Is it part of your working business plan? ... the business valuation?
3. Structuring your day. Has that equity - liquidity model been tested? What will it take you to ramp it up?
4. Projecting your New Days. Does your exit strategy include a path to the end of your life?
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