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EPISODE IN BRIEF
In today’s episode of Coaching Conversations,
Nick and Chris travel into the future to where the exit strategy for your business thoughtfully exists… or does it…
Exit strategies are vitally important as part of your future vision and far from being scary, they’re an inevitable fact of life – and every business.
There are plenty of good reasons why you’ll need an exit strategy and this podcast will step you through the processes of identifying and creating a get-out plan that will work for you.
There’s a lot to consider in today’s episode of Coaching Conversations….
Time Code/Show Notes
0.26 Intro: Business coach experts Nick and Chris discuss all things `exit plan’ … you’ve got to have one…
1.40 We all know that there are other things than `work’ but often it’s impossible to imagine a life outside our business. There’s an exit plan during the journey – i.e leaving the business while you’re in it – or after – when the business has dissolved. Rather, think of it as exiting the ‘business owner’ – not necessarily selling the business.
2.30 Here’s why Nick says you must do it – not simply consider it – you must plan an exit. The business cannot be ‘stuck’ functioning only around `you’ – and if something happens to you, what next…
Think about the ‘why’ – why are you in business, what’s the motivation, what’s the passion. And what happens after your working life ends? Having a purpose is vital. An exit plan is about exiting yourself from the business.
5.55 Now think about what life would look like. Can you envision going from working 95 hours a week… to working twenty? How can you work your way into working four days a week to begin the ‘exit’… can you plan for 50 weeks on – 2 weeks off… increasingly incrementally…
Can you plan to have a long weekend every ninety days… believing the wheels won’t fall off, staying close by if you’re unsure?
9.00 In you’re planning, you MUST have a redundancy system. Have someone ready to take up the baton if something goes wrong.
11.50 Ease yourself into it by having something you’ve always wanted to do. A hobby, a road trip. Don’t go cold turkey. You must
13.10 Start thinking about this now. How will you begin and how will you measure your effective exit strategy? Nicks speaks of his goal to travel around Australia, the prep involved, and how he may back off from coaching for a short while to make it happen.
14.38 Ask yourself the big question; when will this happen? It doesn’t have to be a hard date but it should be a date range. Time is short, life is shorter. Make the most of planning what is important to you outside of your current daily grind.
16.30 Re-position your outlook. Chris reminds us that you don’t have to sell your business, rather step away from it. If it works well and you don’t have to be there, happy days.
16.00 Find out more about how you can develop an exit strategy that works for your business at ask@upcoach.com.au
EPISODE SUMMARY
If you’re looking at longevity for yourself AND your business, the re-cap is simple.
Plan. Planning ahead is key. You must be thinking forward now, no matter how involved and passionate you are about your business in this moment.
Plan immediately. Even if you’re arrested in the grind of the day-to-day, this is about planning your happiness, your fulfillment, and your life outside of the workspace.
Make time to consider what you want out of these years of toil and success. There is nothing more important.