Sell Your Food Business: The Importance of Creating an Exitable Company
Success take time, as just about anyone in business can attest to. But even knowing this, we often fail to give ourselves enough time to plan for an exit. The worst time to plan for an exit is when you want out, the economy tanks, or your growth stalls. I am confident that if I would have ran my business from DAY 1 as if I were exiting, the timeline to my ultimate exit would have been cut in half.
In fact, when I did start running my business like I was planning for an exit (about 3 years before I was able to successfully sell), it was amazing how much more successful we were. This success came from a shift in mindset and from working with a consulting company.
The worst time to plan for an exit is when you want out, the economy tanks, or your growth stalls.
With an exit in mind, I had more of an incentive to eliminate the common issues that were wasting resources, maximize profitability, cut deadweight on our team, and remove myself as a bottleneck.
With an exit in mind, our company was more profitable, my team was more empowered, and our productivity increased.
The great thing about this is that we continued to operate that way even without selling! Planning to exit doesn’t mean you will or you have to, it just means that you can if you want and that you are a running a business that is “exitable” which is to say profitable and self-sustaining.