28 A Exit Strategy

1) Identify the exit strategy you plan to make. Do you intend to sell your business in the next 5 years for a large return? Do you intend to stay with the business for several decades and retire? Do you intend to protect the venture as a family business, and pass it down to your children?

I intend to stay with the business for several decades and then pass it on to the next head senior coach. I wouldn't say my children, per say, but more of a partnership with them. It would be the loyal employee and the eldest child at 49/51.

2) Why have you selected this particular exit strategy?

I've learned that not all children want to follow their parents footsteps, and although it might be the most obvious answer, I wouldn't put that pressure on my child if they didn't want it. Whereas, a loyal employee would want to take over, and could even make it better. The 49% would be theirs, meaning the remaining ownership would stay within my family.

3) How do you think your exit strategy has influenced the other decisions you've made in your concept? For instance, has it influenced how you have identified an opportunity? Has it influenced your growth intentions or how you plan to acquire and use resources?

This is actually an exit strategy I've watched happen as a lower level employee. It's guided a lot of my mindset to remember that the program won't work, unless the employees are there and happy. My opportunity to expand and keep this business going is heavily dependent on my employees. So, I have plenty of opportunity to keep renovating and improving the circumstances of my club, but only if I bring on the right people. It has highlighted my need to network and keep a consistent SWOT analysis available to review when things might not be going as smoothly as possible.