I was talking to a couple of prospective members last month and they told me about a session they had attended at the NPOA conference in Fort Lauderdale where a study was presented about the average age of a printing company owner being 59.
While maybe not surprising, they said there was a hushed silence in the room as everyone absorbed the sobering fact that was just brought to reality. So, what do I do now?
In our meetings we walk our members through the FIVE steps necessary to effectively execute this strategy.
1. The most important consideration is can I afford to? There are a number of things we work through with our members such as -
Do you own your building
Are there any other sources of income
CAN there be other sources of income
2. What would an exit strategy look like?
Do you have family members or employees that will and are ready to take over the business.
CAN you have family members or employees take over the business. (This may entail a process to accomplish this.)
Or, you would NEVER want to have a family member or employee take over the business.
3. How much is your business TRULY worth?
How do I increase the value in a relatively short period of time.
4. What is my PLAN for accomplishing this?
It's critical to develop objectives
You then need to develop strategies to accomplish these objectives
Set action plans (steps) that must be taken to execute your strategies