Exit Strategies: Make the Beat Go on Even After You’re Gone
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The best time to develop an exit strategy is when your publishing company is in the planning stage, even before you write your business plan. An exit strategy is not a plan for failure; it’s a plan for success. Don’t make the mistake of thinking that planning your “exit” from your publishing business will be The End. For most small publishers, it can and should be the start of a new and profitable chapter in your company’s story.
Know Where You’re Going
Have you ever seen runners line up for a race not knowing where the finish line is? This would never happen, right? Whether you’re starting a new business or expanding a current one, the implication is the same. Before you begin the race, you need to know where you expect to finish.
Your finish line should be described primarily in terms of the reasons you started publishing.Some of the more common reasons include:
To build a publishing company for yourself instead of for someone elseTo pursue a passion To be your own boss and the master of your own timeTo earn money doing what you really like to do To capitalize on a publishing ideaTo replace income from the loss of a jobTo create net worth (long-term capital appreciation)
It’s also useful to describe the finish line in terms of future expansion. What new products or services might you add? Can new…IBPA Members – Click here to view the full article (login required).
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