July 12, 2022

What’s Your Exit (Reward) Strategy

What’s Your Exit (Reward) Strategy

If you completely detached and walked away from your business for 30 days what would happen? Would it be business as usual? Would there be some confusion? Would there be a big mess you would have to clean up when you returned? If you're like most builders and remodelers it will fall somewhere between a bit of confusion and an all out dumpster fire. Up until a few years ago there was no way I could even consider checking out for 30 days. But now, with well defined systems in place, a properly trained and motivated team, I can do it without hesitation.

Some call it an exit strategy but I like to think of it as a reward strategy. What if you could walk away from your business? Would it be rewarding or would it be a disaster? At some point your business will be forced to run without you. It may happen as the result of a well executed plan or it may happen unexpectedly. Either way, there are a few things that must happen for your business to thrive without you:

  • The business can’t rely on what is “between your ears”
  • There must be a clearly defined set of systems and processes in place
  • Provide a training platform so new people can learn how to operate your business
  • Create opportunities for others and elevate all members of your team
  • Have a succession plan in place that can clearly be executed
  • Embrace a business that can run without you - don't resist it

Not everyone wants to exit their business but everyone should strive to have a business that can run without them. By doing this you will create options for yourself and opportunities for others.

Reward is different for everyone. For some it may mean more free time, more money, or both. For others it may be mentoring and motivating your team to grow. For others it may be getting out of the business altogether. Think about what you want that reward to be and then start working on the parts of the business that will help you achieve it.