Freedom Date
We can't run our businesses forever. Eventually, the time will come to transition out of the businesses, whether it's by choice or some unknown factor. The good news is that there are not infinite possibilities on how to exit the business. The bad news is that some of the possibilities are worse than others.
Business owners are often pressed to dissolve their businesses due to the 5 D's - death, divorce, disease, distance, and dysfunction. Unfortunately, these circumstances often catch us by surprise, and if we're not well-prepared on how to handle these situations, it can be detrimental.
Knowing this, it would behoove us, as business owners, to start thinking about our exit date. What would happen to the business if we were hit by a bus? Are we prepared if there were legitimate interests to acquire our business? Are there skeletons in the closet that need to be dealt with? Is there a successor who is prepared to step in? These questions (and more) should keep us up at night until we have answers to them.
So, if you're the captain of the ship, it may be wise to start thinking about your 'Freedom Date' and start working backward from there. Because the day will come. Whether or not you're prepared is up to you.
Poll Results: The results are in from last week’s survey:
60% of voters said they love handling objections
Tim Martinez
“The Inside Man”
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