How to plan your exit from the business

posted by 4 years ago in Features
Would your business flounder without your founder?

We all know how important influence and structure is to a business, it’s the cement and the bricks that make it and the founder(s) that builds it. In effect, if the founder leaves, there is a danger it could remove the outline of the company.

So, how can you effectively plan an exit strategy?

Leave, knowing the business is in good hands

Even if you have no intention of leaving, you should always appoint someone as your second-hand man/woman for all sorts of reasons – not just your departure.

Ideally you want to replace yourself with someone who knows the business inside out. They don’t necessarily have to have the same work ethics as you but as long as they are trusting, loyal, a hard worker and treat the company as if it was there own then he or she are the one to crown when it is time for you to leave the thrown.

Always give feedback

Although giving feedback should always be something to give back it is important that staff members are aware of their strengths and weaknesses, especially if you are parting ways with the company. Leaving your business can feel like leaving a baby with a monkey (clueless) but, if you have done your best to make sure your employees are trained and left with experts then you can leave the company with confidence and a happy morale.

Celebrate your success with those around you

Just because you are detaching yourself from the business, it doesn’t mean you should not be recognized for what you have done to make the business grow and last. It is also very likely that the employees around you want to celebrate your success with you. They have adapted and learnt from your influences so they have a lot to thank you for.

In most cases they will surprise you with a leaving do!

Ensure everyone knows!

Communication is key to a business of any size, so although your senior members of staff may know about your decision to leave, make sure all employees from the telemarketers, to the apprentices and the cleaners know about your exit. They may have different managers and not work with you directly but they are essentially employed by you so it is only fair you share the news widely internally.

And finally, good luck!