Category Archives: Sucession Planning
Exit Planning – What does it look like in a Self-Managing Company?
February 2, 2016Let’s examine what your exit strategy might look like as you work toward building a self-managing company. Should you even have one?
Most entrepreneurs have this idea that they’ll work forever, or at least until the day before they die. Is that really a good idea?
For the purposes of this post I’d like to identify Three types of entrepreneurs. Survival, Achievement, and Lifestyle. As in any start-up there are sometimes months and even years of just getting by. Scraping for every last available dollar to keep the venture going. Building a clientele and a business is no task for the faint of heart. As opportunities for growth become more a way of life and the viability of the business is proven I’d shift status to that of an Achievement Entrepreneur. Profit is evident, debt is being eliminated (unless it’s productive debt), and a shift to more consecutive quarters of positive earnings provides a bit of a cushion for the cycles to come. Lastly, a Lifestyle Entrepreneur is able to choose exactly how he or she may want to balance their life between work, family, faith, social, physical, philanthropic and almost any other category of life you’d like to toss in to the mix. Call it a work/life balance.