24 BUSINESS AND TRAINING
You need an exit strategy ... Pronto !
By
Joe Pulizzi
Until putting this newsletter together , I had never heard of Nipsey Hussle ( aka Ermias Joseph Asghedom ). Shame on me .
I found that Nipsey was not just an amazing rapper , but a strategic entrepreneur . Among other things , he opened one of his “ Marathon Clothing ” stores in the Crenshaw commercial district because he wanted to invest in his neighbourhood .
You may be thinking you do not need an exit strategy . Perhaps you want to leave the business to your kids when you pass . Or perhaps you want your business partner to take over . Maybe you dream of selling big someday . Maybe you think you are untouchable in your job .
But I digress .
I found Nipsey because of one of his quotes : “ As an artist , as a brand , as a rapper , as a musician , you know you got a window and a lot of people . Even an athlete ; they don ’ t have an exit strategy . It ’ s just living in the false reality that it ’ s going to be like this forever .”
Nipsey was a smart man ( he died in 2019 ).
( NOTE : I know too many people that wish they ’ d had an exit strategy ready to go in March of this year .)
Whatever is in your head , we need to get that plan on paper and start on the strategy immediately .
When do you begin the exit strategy ? When you start the business ? When you start the job ? Today . Now !
I have had the pleasure of working with entrepreneurs from all over the world . It doesn ’ t matter what industry they are in , what country they live in , how many people are involved in the business , one thing is for sure … they almost always do not have an exit strategy .
Oh , you work for a business ? Well , you are not off the hook . The same goes for you .
I know hundreds of people who go to their job , day after day , without any sort of ongoing career or financial plan . Look , I am not shaming them , it is just true .
When I left an executive publishing position in 2007 to start what became the Content Marketing Institute , I had dreams of selling for millions . But , at first , I did nothing about it . Oh , I thought about how amazing it would be , but I didn ’ t plan for it .
About a year after starting the business , I wrote this statement under the heading ‘ Financial Goals ’ in my Moleskine notebook ( where I keep all my goals ). “ My wife and I sell the company in 2015 for over USD15-million .” This was written in 2008 . That year , the business generated about USD60 000 in total revenue and took a USD50 000 loss . The business was worthless . In context , the statement was laughable … ridiculous .
When do you begin the exit strategy ? When you start the business ? When you start the job ? Today . Now !
As crazy as it was , this was the statement I read to myself twice a day , once in the morning when I woke up , and once before I retired each evening ( retired makes me sound old , but I couldn ’ t think of a better word ).
Then , every so often , I would tweak the overall strategy for the business to help deliver on that goal . My wife and I made thousands of decisions over several years in order to make that statement a reality .
There was a reason why we chose that particular year ( 2015 ) and the total amount ( USD15-million ). First , by 2015 my
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