Thoughts on Exit Planning – with Help From Mick Jagger

May 7, 2024 | Exit Planning, Growth Tips, Leadership, Planning

Every year I go to the New Orleans Jazz & Heritage Festival, an extravaganza of food, culture and music.

I look forward to seeing all the up-and-coming talent and big names.

This year I was excited to see Mick Jagger and The Rolling Stones.

That rocker is 80 years old. He could be my father!

The last (and only other) time I saw The Rolling Stones was also in New Orleans, back in 1981.

The Stones were already “old” back then.

(Photo: We listened to the Rolling Stones from the very back so we would not get crushed by the screaming fans.)

Thoughts on Exit Planning

I find it intriguing how artists don’t have to think about exit planning.

  • Painters keep painting well into their final decades.
  • Movie actors keep acting.
  • Bands keep playing as long as people keep paying.

They all love their craft and do it for passion.

They also do it money (even if they don’t need it; ahem Mick.)

Don’t Get Hit by the Beer Truck

Rock-n-roll bands don’t develop succession planning. They only think about replacing a member after he or she kicks the bucket.

You, on the other hand, can’t be so reckless.

What will happen if you (or a key person) suddenly got hit by a beer truck?

It’s incumbent upon you to go through that exercise and put the answers in writing.

Your leadership team wants to know the answers.

Plus it will help you uncover where you are deficient !!

Is Yours a Lifestyle Business?

Some owners run their business as a lifestyle.

They don’t plan to sell, just milk it and then liquidate it at the end.

The problem is many owners start off with that plan, but then change their mind as they get older.

In which case they must work fast to transform their business for exit.

We are working with a couple entrepreneurs right now on that “sprint”.

It Takes 10 years To Plan Your Exit

A well-known book on exit planning (Finish Big) claims you need to plan 10 years ahead to do it right.

It’s a nice luxury but not always needed.

I have worked with many entrepreneurs who come to us with ten-year goals that we are able to achieve in 5-6 years.

We sped up progress with focus, smarts and out-of-the-box thinking.

The one benefit of taking ten years is that it helps you wrap your head around the big changes you need to make.

Why Start Planning Now?

Even if you are young and don’t plan on selling any time soon, it helps to set up both an exit plan and a high-value plan.

Just because God laugh at our plans, it doesn’t mean we should wing it.

In fact it means the opposite. Start planning earlier.

Your Challenge – Implementing Your Long Term Plan Now

The Rolling Stones don’t need an exit plan, but you do!

Even in the busy time of the year, make sure your efforts are being invested in the right activities.

Each and every quarter you should be working on “one thing” to build up the continuity and value of your business.

(Check out the book, The One Thing, for further insight)

A long term plan doesn’t happen magically; it requires quarterly implementation starting today.

Would you like to Retire in Place at some point in the future? Start planning now.

Don’t just be selling the next job, but work on building the business so one day you can sell that, too.

Regards,

Jeffrey Scott!

P.S. We are almost sold out and hotels are almost gone for our Summer Growth Summit. If you still want to attend, its best to sign up now, go here.