You can exit your business on your terms so you can transition to the lifestyle of your dreams with the wealth to pursue your reinvention (venture, adventure, avocation, hobby, retirement)
But what you can’t do is assume you can simply hire a team of experts and just walk away from your business in the next six months.
Start with your exit criteria to achieve your ultimate goals as you transition to your reinvention.
Before you can do any planning or take any steps, you must have an idea of what your personal criteria are in each of the following parameters.
- Freedom – what does freedom look like to you when you exit your business?
- Flexibility – What is your definition of flexibility when you think about how you exit, the terms of your exit or what you can and cannot do after the exit transaction is complete?
- Control – Who’s in control of decisions, strategy, budget, operations, and sales now? Who will be in control of each area of the business when you exit? Have you transitioned the decisions and control to one person, to a team of leaders or to no one leaving a vacuum in the business?
- Wealth – What is your wealth requirement for your reinvention and lifestyle after you exit? How do you define wealth? How much of the wealth you need for your reinvention must come from the business? Can you liquidate the business to produce that level of wealth to achieve your other exit criteria?
- Liquidity – How much liquidity do you need when you exit? How long can you wait to receive final payment?
- Timeline – What is your ideal timeline for your exit? for your reinvention? for liquidity?
- Legacy – What’s your definition of the legacy you want to leave behind? What do you and your business stand for? What do you want to be remembered for? How can you achieve that?
- Dynasty – Do you want to build a family dynasty? What would that look like? What do you have to put in place to realize your dynasty?