Start thinking about your exit

It might seem a little odd that the Taskmaster is talking to you about exiting your business – after all, you’ve just started up smart and you’re full of the business-building fervour that start-up entrepreneurs are renowned for.

But having some sort of idea of how you might exit your business, and when you might seek to execute that strategy, is important for every entrepreneur. It’s not a sign that you aren’t committed to your business – rather, it’s a sign that you are thinking about how you’ll extract maximum value from your brilliant company when the time comes.

It also helps to keep you focused as you grow. If, for example, you think your exit strategy is via a trade sale or sharemarket float, you might decide to keep your business very tightly focused on its niche, and not branch into a related area that is more complementary than core. But if your exit involves handing the business to family, this growth strategy might be more appealing.

The point is, it’s your responsibility as a business builder to think about exiting – for your staff, your shareholders, your lenders and most of all, yourself.

Get it done – today!