When Is It Ok to Throw in the Towel?
Ryan Kauth
business ownership advocate | university lecturer | business coach | fractional executive | podcast host | facilitator | founder
I suspect when you read that "throw in the towel" title that you were thinking a manager saving a boxer. Mickey in Rocky's corner. Something along those lines.
When it's time to exit the ownership of your business, I think we have the "throw in the towel" word picture all wrong. It should be more like the picture above.
A relaxing vacation like that takes some planning. You have to at least block it on your calendar. Make a few reservations. Or, in the least, spend some time delegating the details.
Just like planning a vacation, exiting your business doesn't have to look like the person in your corner throwing in the towel to save you from a potential knockout. That towel doesn't get fired into the ring by the consultant you hired to help you increase the value of your business in the next 90 days either.
It starts with understanding your options.
And, there are quick exit strategy options out there for those of you whose successors have not stepped forward. You just need to know what they are. Start by talking to your
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You could also talk to a family business coach that specializes in succession.
If you do have time, as in years, before you plan on exiting your business,
ryan
Ryan Kauth
The Grow | Exit | Other newsletter is for established founders and family enterprise owners. It's written by business coach, university lecturer, executive director, podcast host, and co-host Ryan Kauth. Grab a no-obligation time on his calendar for an intro call to talk growth, exit, and other organizational challenges.