Women’s Business Research recently found that while men and women both think about what they will do when they become older and can no longer run their businesses, men have a tendency to actually make concrete plans, such as transferring ownership, while women are less likely to create a concrete proposal.
In the 1980s a large number of women started up business ventures, and now many of these women are looking toward retirement or even getting out of the company they are currently running and starting something new.
Creating a written exit strategy is an important part of owning a business, as it details what it is that will be happening to your company once you are ready to leave. Running a business without an exit strategy is much like navigating a car without a map: You need to know where you will end up if you want to know how to get there.
An article that I recently read included some great tips from women who had owned companies worth $4 million or more in annual revenue. One tips was to operate your business as though it were for sale, and another was to find a buyer who shares your vision for the company.
We find it difficult as business owners to think of someone coming in and taking over. Sometimes it is difficult to just work with someone else who may think differently! Planning for when you will no longer be at the helm of your business ship may be depressing, but it will actually guide your company much better, and keep you focused on where it is that you want to go.
Check out the article for more great tips.