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FocalPoint Business Coaching's Chris Allen Talks About Exit Strategies
July 23, 2010 — Anonymous
Continuing on from yesterday’s post, I’m hitting on the highest three levels of cognitive learning according to Bloom’s Taxonomy.
Why the heck do you need an exit strategy? When you’re done with a business – you’re done with it, aren’t you?
Exit strategies are a staple in the Brian Tracy Business Coaching methodology. All our coaches are trained and experienced in helping clients finish with their business with finesse.
“By preparing for a graceful exit, a business owner can get a fair market value or above when the time comes to sell,” Chris explains.
Having an exit strategy in place, whether you plan on selling immediately or not, is always a good idea. Tragedy or opportunity can come along at any time – if an exit strategy is in place a whole lot of stress and, most likely, a whole lot of money can be saved or made.
Not only that, but, as Chris points out, “You never know when the right buyer might come along and want to buy your business.”
Chris finds that most small businesses don’t have an exit strategy prepared.
“They haven’t planned for it. Most owners don’t have processes in place that would enable someone to come in and take over. And these are processes that would enable outsourcing or use of third parties as well.”
Ideally, a business coach should be brought in months before a sale, however, even if Chris is brought in at the point where the business transfer is imminent – for example the sale has happened or a parent is passing the reins on to a family member – he still considers himself part of the transition package and he will work with both the present owner and the new owner.
By including himself in the transition, Chris is able to minimize the amount of time that the business owner needs to be engaged. He is also able to help the new business owner make it their own.
“Each person has their own style,” says Chris. “I can help them leverage their individual strengths and improve their opportunity areas.”
Some business transitions occur because the owner has moved on to another opportunity or perhaps they are retiring, but once in a while a business coach will get called in to help a client who is desperate to remove themselves from a nightmare – they just want out.
These clients often start off looking for an exit strategy, but then they hire an effective business coach, like Chris, and they end up staying in the business and get back to doing what they love.
“A business owner gets into a business because they are passionate about what they do,” says Chris. “Along the way they get mired in the details of running a small business. They’re ready to chuck it.”
Then Chris comes along.
“The thing about a small business owner is they pay themselves a high wage for some pretty tedious tasks.” Chris helps the client put processes in place and bring in third parties to pick up the tedium
“We eliminate the ‘job’ portion of the business for the owner – leaving him to spend more time thinking about his business, keeping up-to-date with trends, and enjoying what he does – even a much needed vacation or two is now in the picture!”
Get a FocalPoint Business Coaching professional to help you develop an exit strategy for your business – whether you’re just weighing your options or you’re ready to move on. It might just change your life.