So does rain. An exit is a decision. "When it's time, I'll know" usually means the exit picks the moment for you: a health scare, a partner who wants out, a key person who leaves. You don't need an exit date to start planning. You just need to decide that you'll choose the moment.
Ask business owners about exit and you'll usually hear one of four things. "When it's time, I'll know." "Someday a buyer will come knocking." "My kids will take over." "When I'm done, I'll just close it."
In every version, exit is something far away. One day, at the end of the road, it shows up and you deal with it then. Until then there's a business to run, so why think about it now?
Because the exits nobody prepares for are usually the ones nobody chose. A big client leaves. A partner wants out. Or one Monday morning you realise you're tired. Really tired.
When that happens, the exit picks the timing, and it picks the worst one. Numbers are down, your best people are nervous, and you're negotiating from the weakest seat you've ever sat in.
When I sold my business, I took a year to get it ready. Looking back, I'd worked on just one of the seven things that shape a successful exit. Nothing gives you more options than preparation.
An ending just happens. An exit is a decision.
Every exit myth comes undone the same way: knowing where your business stands, early enough to choose your road. That's why we built Ten Days In. Ten days inside your business, and at the end, a read of what you've built and the options open to you.
Read more:
Business exit myth #4
Upcoming: Business exit myth #5