|
Hands down it's one of the least discussed, least considered and least anticipated aspects of running any successful small business. What will you do when it's time to step away from plowing?
So much physical and mental energy is focused on smart growth, branding, work-force development and customer service that many snow contractors fail to place any emphasis on their own exit strategy. I'm not just talking about what you'll do when it's over, but how will you get to a point when you can transition successfully out of the day-to-day operation?
While I stress that this should be done – at the very least – on a quarterly basis, the start of a new year is as good of a time as any to conduct your own self-evaluation of where you are with your company and your entrepreneurial career. Here are a couple of key points to ponder.
Set the date. I'm not talking about putting an "X" on May 15, 2020. Rather, when do you want to step down? Part of your long-term business plan should include a general date for when you'd like to hand over the business.
Succession plan. Who's in line to take over for you? More importantly, if you've identified a successor, begin the process of mentoring and training that person for the eventual day when everyone starts to call him or her "Boss."
Prepare the business. Always know your company's value, and the bulk of that worth is in your service contracts. Make sure you're building and reinforcing them through solid, long-term customer service.
Prepare yourself. How have you prepared yourself financially? Have you been giving yourself a salary? Have you been putting a percent of every dollar away into a "forgotten" account that will help fund your retirement? Don't wake up one morning and realize you no longer have a passion for the game, but you can't step away because you have to keep working to make ends meet.
Choose your next step. No one says just because you're no longer running a business that you have to be exiled from the industry. Let's face it, you won't last one winter without getting the urge to get up at 2 a.m. in a snow storm. Consider plowing on a limited basis. Better yet, pass on some of the knowledge you've gained building a successful snow removal venture and become a consultant. This could prove to be a profitable and rewarding second career.
|