Every entrepreneur understands that it’s impossible to shake the desire to continuously start new businesses, reinvent old industries, and find ways to bring new value and new solutions to markets that are desperate for them – which is why so many entrepreneurs eventually leave the companies that they have started, they have founded, and they have helped to grow in an effort to reinvent themselves along the way.
There’s nothing quite like the start of something new and the start of something exciting, but before you have the opportunity to create a new business or a new enterprise you’re going to need to understand how to effectively exit your old startup.
Here are some tips and tricks to help you out!
Think about the end of the race before you even start
The most important thing you have to do when you’re getting your startup built and ready to rock and roll is think about your exit strategy and come up with solutions that allow you to exit your startup gracefully without having to worry about any dip in productivity or profitability along the way. Growing a startup is an entirely different animal than managing a more established business, so outline when you’d like to leave your startup before you begin so that you don’t overstay beyond your “personal expiration date”.
Systemize as much as humanly possible
Unsurprisingly, the overwhelming majority of successful startups are successful in the early stages in large part because of the entrepreneurs and the leaders that are behind the scenes and driving the growth of this new operation. However, if you plan to eventually remove yourself from the equation (and that’s the only way you’re going to achieve any real scale in the first place), you’re going to need to systemize as much of your business as possible so that you become a replaceable cog in the machine.
Lead your way out rather than get pushed out
The smoothest exit strategies for startup founders and entrepreneurs involve leading their way out the door as opposed to getting pushed out the door by a company that comes in and acquires the startup, looking for a way to clean house and get things going in the direction that they are most interested in. You’ll always feel better about leaving under your own terms rather than feeling as though you were shoved out of a moving car that you had built by hand and turned into something really special.