Goodbye! Sorry, we mean...Hello! The guys have been talking about exit strategies so much it can be difficult to tell if you're coming or going. Just like that, the lines between being fully immersed in your company and carrying out an exit strategy can get seriously blurred. Don't fret because Chris and Alan are here to talk you through what goes into exit strategy planning and why it's important. Buckle in as they dive into:
1. Identifying the value of your company can come with some personal bias. Know your company's worth, but don't be so hard on yourself if you see more value than what may actually be there. Gaps in value are normal, set goals to close those gaps!
2. Find your people! If you can go 30 days uninvolved in your company, then congratulations you are in your grand exit …but what happens to the company while you're gone? The people that you choose to replace you after you exit are the foundation for the company's future value, post-you! Find genuine, dependable people who you trust to work for your company now, and develop those individuals to become the backbone of your operations. Having people you trust makes it much easier to let go.
3. Niches bring riches! Companies like Raising Cane's that specialize in doing one thing extremely well have a more focus approach which makes it simpler to achieve the goals and generate the value needed for an owner to feel comfortable stepping away. Chris even admits to envying this small, focused, multi-unit strategy when planning his own grand exit goals.
An exit strategy can be tough, but it it's important to stay focused, plan ahead, and get your people to the right seat to carry out success!
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