“The first step is to identify what type of ‘exit owner’ you are. Typically, there are three types of owners and their exit strategy:
• “I’m out”— the owner who feels he has done his part in growing the business, wants to take the money and enjoy his or her life and live off the fruits of their labor. Typically, they want a lump sum of cash and complete divorce from the organization.
• “It’s my baby”— this owner has a difficult time ‘letting go’ and believes no one else is capable of growing and running the operation of the business. Often times, family members are encouraging him/her to leave, whether due to age, health, etc.
• “XX number of years to ensure it’s good, and I am done”—this owner is somewhere in the middle of the ones listed above.”
At Cogent Analytics, we never stop looking for ways to improve your business and neither should you. So, check out some of our other posts for helpful business information: