It’s your business, NOT your baby. . .

There are, of course, millions of reasons why people decide to start their own business. For many, it’s the idea of working for themselves. For others, it’s about bringing …

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20th September 2007 at 10:33 am

There are, of course, millions of reasons why people decide to start their own business. For many, it’s the idea of working for themselves. For others, it’s about bringing to life a big idea. But for most entrepreneurs there is an element of doing well and making some money – if this isn’t layered heavily into the equation then the chances of success are minimal, to say the least.

But strangely, if you talk to many small business owners and start-ups, the crux of wealth creation – the Exit Plan – is treated like a taboo. Maybe it’s because the sheer energy, determination and momentum required to get a business on its feet, doesn’t sit well with a set of thoughts or a conversation that puts a definite marker in the sand for cessation. Or maybe it’s because of the level of emotional investment that goes along with creating something and nurturing it as it grows. (On more than one occasion I’ve heard friends refer to their business as their babies – and let’s face it there’s no real endgame for your kids apart from them being healthy, happy and successful in what they do).

For me, exit planning is a natural extension of goal setting. Putting a line in the sand that says that in ‘x’ years time, or when I hit ‘y’ financial target, I could ‘retire’ from this business and realise the prize value ‘z’. The better you plan, the better equipped you are to make choices – or change your plans. . .

But then some people think retirement’s over-rated!? And for the others, have a look at this really simple overview of key considerations for exit planning. It makes a whole lot of sense to me!!

Sara Scott

Sara is a marketing specialist with a wealth of on-line and traditional experience. With award winning credentials as an advertising writer, her career also spans the disciplines of planning and strategy for both B2B and consumer clients. Having worked for one of the the UK's biggest non-London agencies, Sara now works on a consultancy basis for clients large and small. http://www.smallbizpod.co.uk/blog

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  1. Luis says:

    Cases when young entrepreneurs fall in love with their businesses are very common. This actually happened to me once. But I still think that you need to have a cold-blooded view of the business situation. Planning is very important, and entrepreneurs shouldn’t be afraid to change their plans according to the situation. Now it’s becoming easier, cause of all that technology developing. Web-based tools, like Wrike for example help us to quickly react and adapt our business to the changing circumstances.

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