Business exit strategies: How to make sure you leave your company in safe hands
Barack Obama’s departure from The White House got us thinking about business exit strategies.
We all know we can’t run our companies forever. For many, the dream will be to step back and leave a profitable business that someone else can manage.
So how do you make sure you leave your company in safe hands?
We’d advise you have a succession strategy in place, one that’s gradual but with a solid transistion date at the end to prevent uncertainty.
Here are some tips to help you along:
Train up your managers – give people the skills they need to run your company
Don’t disappear – The best way to maintain morale is to steadily reduce your hours, rather than leaving suddenly
Become a consultant – Be available to pass on your experience
Incentivise the next generation – make them motivated to grow your business
It’s also important to communicate with staff to let them know what’s likely to change and what will stay the same. And, if you can pull it off like Obama, don’t forget to mic drop!