It may seem conceptually strange to discuss your Exit Strategy at the same time you are clarifying your personal goals and conceiving your business plan for your new school, but doing so can be insightful and may even help guide your school operation for the life of your school.
Consider the following exit strategies and how they might impact your day to day decisions running your school:
- No exit strategy: My exit strategy is to simply quit teaching when I no longer want to or no longer can or whenever circumstances happen to prevent me from teaching. I have just never thought about an Exit Strategy. When I quit teaching my program or school will close and the active students will just have to find another place to train.
- Take it to the grave with me: My exit strategy is to teach until I die. I do not plan to sell my school nor do I plan to transition a new owner/instructor into my role at the school. When I die my school dies with me. Active students will just have to find another place to train.
- Sustain, preserve and transition: My exit strategy is to build the most viable school that I can over a XX year time frame and to groom future instructors in my school to identify a potential future owner of my school. My goal is make the school so well run that it will be a feasible part-time or full-time financial opportunity for an owner who succeeds me. I plan to sell to a new owner and then stay on in a mentoring capacity for an agreed upon period of time until the new owner is comfortable going it alone.
- Systematize and sell: My exit strategy is to build the most viable school that I can over a XX year time frame and to systematize operations and the education and grooming of future instructors in the school who can succeed me. My goal is make the school so well run that it will be feasible that even a non practitioner investor/owner could continue operating the school after my exit by continuing to use the best practices that I have implemented and by hiring and employing the instructors at the school to continue servicing the students in the school.
- Cash out: My exit strategy is to build the most viable school that I can over a XX year time frame and to sell it at its peak and retire from running the school. I plan to sell to the highest bidder regardless of their martial art style.
Imagine how your exit strategy might influence your day-to-day decisions and actions when running your school.
Might your adoption of a different exit strategy influence you to make different choices and take different actions along the way?
Do you think your exit strategy can impact the day-to-day operation of your school?
What is your "Exit Strategy?"
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