Make an Exit Strategy
Planning how you intend to leave is as important as planning to start. Consider where you want to be in 5, 10 and even 20 years: how do you see yourself and your business changing in that time? What will your role be in that business? Do you really want to be the 70-year-old behind the counter serving drinks at an single owner-operated coffee shop? Maybe you do, which is just fine too.
Give serious consideration to how you will be involved in the future of your business and for how long. Developing an exit strategy that will allow you to leave before you have to leave.
- Plan to sell the business in part or whole to an unrelated party or a business partner
- Plan to expand by franchising, private capital investment or public offering
- Leaving the business as an inheritance to provide for your children
You can always change your mind, just have a plan in mind now. It will help you to navigate decisions along the way.
Some coffee shop owners may enjoy the secure routine of managing his or her business 6-7 days a week. Others may prefer to leave that task to others and search for new location opportunities or new business challenges.
Know your personality type and plan ahead with the advice of your attorney and accountant.