Jack says in certain markets, there will be big winners and big losers. Who will likely be the winners? The entrepreneurs who planned for their exit, he says. Tell us a bit about yourself or call , and we'll set up your free Personal Action Plan. KCSourceLink: If an entrepreneur is just starting his or her business, what's the benefit of creating an exit strategy?
Jack Harwell : Owning a small business means owning an equity investment that pays dividends hopefully. There needs to be some plan for what the long game is in terms of that portion of the portfolio and how it fits into the whole. Also, people tend to be more successful when they have the end in mind. When should entrepreneurs think about planning their exit strategy? Jack : They should start planning their exit while they are planning to start their business.
These plans should be continuously updated over the life of the business. As the exit approaches, the owner can do many things to enhance the value of their investment and improve the outcome. Some exit strategies take as much as five years or more to execute, so I would recommend at least a minimum of three to five years to formalize the exit strategy.
So always be ready to exit. Also, risk management is a component of a good exit strategy. Planning what happens if the owner is disabled or dies and funding a transition with insurance is key to salvaging the value of the business when the owner can no longer run the business.
What are some common exit strategies? Jack : There are four basic strategies to exit your business: transfer ownership within the family sell internally employees or partner sell to a third party liquidate Within these strategies, there are several variations on the theme.
What objectives should an entrepreneur have when looking for an exit? How would an entrepreneur determine the best exit strategy for their needs? What are some important considerations to make when planning that exit?
What are some common misconceptions surrounding exit strategies? What resources in the KC metro are available to entrepreneurs looking to craft their own exit strategy?
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More FanSided News ». More News Around the Network ». View all Our Sites. Tweet Share Pin. At first, it was disheartening as we all got into this business for a reason. We like to be around people. We like to engage and collaborate face-to-face.
We like to network, meet people, catch up with familiar faces. Once the reality set in that this was not going to be a short-term situation, our generally positive population of go-getters began focusing on how to engage in a different way — at least different than our traditional way of thinking.
It was exciting, it was new, and it was going to be what we made of it. As I begin to settle into this new space and look back, I see quite a few areas where the rapid pace of our pivot actually led us to take some shortcuts that in hindsight, we can see now we should not have. The biggest one I see is bringing our pre-conceived notions about physical exhibits into the digital space.
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