I have been doing business consulting for years. So many businesses don't have any exit plans. They literally are building their own prison to work until they die. It's quite sad that so many small business owners just get bogged down in the day to day stuff that they just become miserable.
So what can we do to avoid this?
When you are designing your business you need to assume that EVERYONE IS A JACKASS. It's easy to assume because most people are jackasses. When it comes to a low wage job most people that work them are only doing so because it's an easy paycheck. Instead of asking for a raise and being responsible, they tend to try to get away with theft, or slacking off, or bad mouthing the owners, etc.
Why would they bad mouth the owners? Because they have no idea how many times the owners risked everything, took on crippling amounts of debt, or worked 120 hour weeks to be where they are.
This is why owners need an exit plan. It should be built in to the initial business plan.
How long do you need to be done with your business? 5 years? 10 years? The rest of your life?
I always use the analogy that a business is like raising a baby. First you get no sleep, you have to support every minute for their chance at life. But, sooner then you expect it's off to school, it's finding it's own way, you are still there, but it isn't requiring your help for every breath. Soon after that and the rebellious teenage years they are ready for college hopefully. This is your exit plan.
So when building your business, build it so that every step in the processes can be run by a jackass that hates you and wants to rip you off. If you build your business to be jackass friendly, you will have an easier time exiting. Take the time to write up training programs and company policies. Make it run like a McDonalds. You don't even need to be able to read to work there.
There is no reason that your business should take your every day attention. That's not why you started your business. Don't be a prisoner of your own business!
Make your business jackass proof from the inception and go for the exit plan as soon as your profits will allow.
Sell? Automate? Take on an operating partner? Exiting has many forms, it's up for you to decide, but make a clear plan to exit from the beginning.
Just my 2 cents. Cheers!
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