Stepping Down to Step it up: Exiting your Small Business

June 24, 2008 at 4:00 pm Leave a comment

In relation to yesterdays post, Keeping it in the Family, I came across another article related to this topic. Changing of the Guard in PROFIT magazine discusses the founder’s ability to run a business after it has become successful, i.e. if he/she is still right for the job? If you have brought your company from launch to consistent year-after-year growth you have achieved something all entrepreneurs dream of. Now, its time to assess whether to hang on to it or let it go.

Entrepreneurs cannot be everything at once. Operations, PR, HR, marketing, sales, finance, design, culture, ideas, and planning are not a one man job. “…a COO is perfect for handling operations in a rapidly growing, smaller business, a slower-growing, larger business needs a president who can create and implement well defined systems and processes…” – Brian Scudamore, Founder CEO of 1-800-GOT-JUNK?.

Define your exit strategy. Will you work in your business until death or will some other fortunate spirit help you define the awesomeness of your creation?

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Entry filed under: Uncategorized.

Keeping the Business in the Family State of Small business – Industry Canada

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