 Do you Have an Exit Strategy in Place?
by: Helena D'Mellow
Thinking about selling your business or leaving it to a family member? Make sure you have a plan to ease the transition!
The time is right to let Junior run the business. He's finally kicked those nasty habits and is mature enough to run the family business. Before you cash in your retirement fund and head off to Tahiti, develop a detailed plan. In fact, if you were really on the ball you might already have one. Having a plan will ensure an easy transition for you and Junior.
Decide early on what your exit plan will be. Do you plan to sell the business or pass it on to a family member? Take time to understand how your chosen exit affects the business and customers. Will family members or new personnel need to be trained to replace you?
Write down a training plan for the next person in line. Include everything from what time the UPS delivery man arrives to the best choices for salon and spa equipment. Having this information at your fingertips is essential for a seamless transition.
Decide when to inform your customers of the change in management. Keep your attitude positive. Assure them that you are supportive of the new team and have the utmost confidence the business will continue to be a success even without you.
The key is to plan well in advance for a satisfying life when you leave the business. Consider future opportunities such as starting another business, teaching or volunteering. Remember to plan your exit early. The biggest stressor is trying to cram in that last minute information in a time crunch. You've got a plane to catch, after all! | 
