Ask the typical Internet entrepreneur when he plans to leave his company and you’ll get a blank stare, “I don’t know,” or a joke about leaving in a pine box. That’s a sure sign of working inside a business as a technician instead of on it.
If you didn’t plan your exit strategy when you started your business, now is an excellent time to do so because how you will work (not how hard you will work) will be determined by the end game.
Do you want to work until you drop dead? Think your business will last that long? If so, who will inherit or buy it at that time? Do you have a business succession plan in place?
Want to sell your business in 3-5 years and find something else to do with your time? For how much money? Semi-retire? Start a new online venture? What will it take for you to get to that point?
What about growing your business to the point that you take it public? When would you like to do that? Who will you need to bring on board your company to make that happen?
If you don’t know your end game, you’re unlikely to score. It’s like running around in circles at the 50-yard line carrying the football…very hard to make a touchdown that way.
