I have been guilty of getting into something without figuring out how I am going to get out. This is not unique to people and applies to countries, governments, teams, and companies.
The secret is figuring it out before you get involved in the project. But how do you evaluate an EXIT STRATEGY.
Start with you goal first. what is the purpose of getting involved in the project in the first place. Is your goal an urgency or a rather long term idea that is part of a bigger vision. Here are some ideas.
- An IRR of 30%
- 30 Market share
- Recovered my investment
- Project accomplished
- What will the team look like after we have accomplished our objective.
- When is the problem fixed.
Does the project you are jumping into fit the long term vision, does it distract from the vision, or is just non-consequential and adds nothing.
- Healthy Vision
- Business Vision
- Personal Brand
- Professional Brand
- Economic Goals
- Social Goals
- Family Goals
- Cultural Goals
Develop Options that maximize the return
- Selling for a fixed amount
- How can the taxation be reduced
- Do the partners require a lifestyle
- The option could be infinite.
Once your consider your exit strategy well in advance, you are able to structure your daily activity and with clarity grow and manage your business.
Best of luck.
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