Hopefully, your MSP business is integral enough that you’re able to keep it operating beyond the close of your life as an owner. A good business can be passed down to your children, growing from a startup to a local institution. But market fluctuations, cybercrime, natural disasters, and honest mistakes can all pull the rug out from under you. With an exit strategy, should something knock you from conventional operations, you’ll be able to minimize damages. Following are areas of consideration worth planning around:
Your MSP business may be doing fine; it is just you who needs to take steps toward retirement. Life isn’t meant to be lived behind a desk! Unless you’ve got some inhering passion toward the development of new tech, it may be worth your while to take some time off. Maybe your exit strategy isn’t for the entire business, but for yourself. If so, you need to figure out a way of financially supporting yourself once you’ve left the business. There are many ways to do this; find which methods best fit you.
Are There Any Succession Possibilities?
If you’re leaving, who will run the business in your stead? A friend? One of your children? A family member? An investor? If you’ve got investment to keep you floating once you’ve left, you’ll want the best successor always in your purview.
What Sort of Timeline Will Be Necessary?
How long is this ejection going to take? Can you do it immediately, or are you so involved that you’ll need to spend a year at it? Know your timeline.
A Successful Landing
Exiting an MSP business is like landing a plane as you exit the sky. If you plan for yourself, succession, and necessary time, you’ll land more smoothly. If you don’t, there could be a crash. Plan ahead and avoid running things into the ground.