What Is An Exit Skill Set? / by Kerri
Remember the campfire story of ‘going on a bear hunt’ It’s told as a round with everyone slapping their knees and pounding their feet to the rhythm. The refrain at each obstacle encountered is a version of: ‘Can’t go over it, can’t go under it, can’t go around it, gotta go through it.’
For every challenge and adventure the hunters face, they overcome it and find the bear.
The lesson applies to your business as well. Instead of settling, you need to equip yourself for your bear hunt, to maximize the value of your business so you can transition to your reinvention.
Your exit skill set must include mastery of the following:
- Emotional Intelligence (EQ) skill set
- Time Management
- Planning and Strategy
If your goal is to get through the day, meet payroll, go home at night and enjoy the perks of ownership as business deductions , you could continue on with business as usual.
But if you want to accelerate growth, maximize the value and make your business extremely buyer attractive and buyer ready, there are other skill sets you must master starting now. Your exit skill set takes 2-5 years to learn, evolve, refine, implement and master.
You might say these are soft skills, that these skill sets are not essential to how you run your business now, and conclude that they are not essential. That may be. However, unless you are content to walk away with only 50-70% of the value you know is in your business (the value you are planning on liquidating to fund your reinvention plans); you need to apply each of these skill sets across every department, product line and your entire team.
Consider how each skill set once learned will benefit the business, your team, the buyer, your own exit and your reinvention.