Do you have an exit strategy?

Gary from @BlueFur and Raul

Gary from @BlueFur and Raul (Photo credit: miss604)

In a previous life, Gary Jones from Freedom 55 Financial created a web host business called BlueFur.  He grew it to a point where he was no longer able to manage it.  As any successful business owner knows, you should have an exit strategy.  He did and after 8 years of growing BlueFur, he used it.

When I sat down and talked to Gary, one of the questions that I asked him was one of my favorites, suggested by Melissa Musika of Indivine Visual Productions.  “If you could go into a time machine and go back to the day you started your business, what advice would you give yourself?”

“When I think about that” Gary explained “I didn’t have any processesw in place.”  Being a new business, he didn’t know how everything would look like when he grew it beyond twelve thousand customers.  For example, he thought that he could do all of the invoicing through PayPal.  Probably not the easiest thing to track when you have thousands of customers.  “I wasn’t really thinking about how it would look when I wanted to sell the business.  I didn’t put the processes in place that I wanted to in the end, which would not only have made it easier to run but also for selling it later on.”

Do you have procedures?  Do you have an exit strategy?  For a lot of small businesses, the answer is no.  If you don’t have any, maybe it’s time you get your procedures in place.  You never know what tomorrow might bring.

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About KevenMcTaggart
I own a small business called Anything on a Clock. I started Anything on a Clock in 2007 when my son was about a year old.

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