Positive Exit — Kerry Anderson

Walking away from a business is one of the toughest things to do. But when the results don’t reflect the blood, sweat and tears that have gone into it, or the pressures are impacting on your health and wellbeing; then it is time to rethink your future. This is a GOOD business decision to make, not a failure.

Business is tough at the best of times and the reality is that many business people will be closing their doors over the next six months whether it is COVID-19 related or not. This may come as a surprise to customers who don’t realise that a cheery face in public often hides a private despair.

Everyone is hurting in some way, even those that are extra busy.

A challenge for business owners is to make a timely decision so they can exit on their own terms.

Plan your exit! From the day we start a business we should have an exit strategy and, when circumstances are beyond our control – personal or otherwise – then we will need to review that strategy.
Involve your family and employees in the planning. They may have some good ideas to contribute and they also need the opportunity to plan ahead.
Seek professional advice from your accountant, solicitor, and any other relevant services to help guide you through the process and get the best outcome.

Our challenge as fellow business owners and community members is to:

Support businesses as a customer while they are trading.
Never underestimate the power of a kind word. Stay in touch. Ask how they are doing.
No judgement. Understand that it is a good business decision to exit. It is not failure.
Congratulate and support them on whatever decision they make.
Celebrate and acknowledge their contribution to the community.
Stay in touch and engage their skills and knowledge to assist other businesses.

For those business owners currently considering their options, here are three important things you need to know:

1. Making the decision will be the hardest part.

2. When one door closes another will open.

3. Your accumulated business skills and knowledge will come in mighty handy whether it be for a new business or career, or in retirement.

KERRY ANDERSON: Founder of the Operation Next Gen program and author of ‘Entrepreneurship: It’s Everybody’s Business,’ Kerry works with small businesses and rural communities to help them embrace new opportunities. In 2018 she was named as one of Australia’s Top 50 Regional Agents of Change. READ MORE