When you embark on the journey of becoming a franchise owner and running your own business, planning your exit strategy usually isn’t one of your top to-do items. Things like financing, your store’s location, building your team and bringing in new clients seem like much more pressing concerns, but your exit strategy needs to be planned before you print your first business card.
Having a solid end goal in mind will make a big difference to how you structure your business. Do you plan on managing the day-to-day operations for another five, ten or twenty years, or will you have a successor to take over managerial roles? Do you plan on selling your business or do you want active involvement until you retire? These are just a few of the questions that require careful consideration in order to plan a solid exit strategy.
Some of the reasons why entrepreneurs avoid planning their exit strategy right from the start is partly due to procrastination and partly due to denial. It’s so easy to get caught up in survival mode and the daily tasks involved in running a business that an exit strategy is something that always gets pushed down the priority list. Over the years, you will become increasingly attached to the business and as its founder, it’s understandable that it can be hard to let it go.
Your first step in the right direction is determining who will take over your business. From here, gather a team of business specialists who can help you navigate towards your long-term goals. Once you have an exit strategy in place, you will see a noticeable difference in how you run your business. Not only will proper record keeping become a top priority, but you will have a big picture outlook on all your business decisions.