How Will You Leave Your Company?

Here’s a template I created for my clients.  It’s not the easiest subject to talk about, but it’s a necessity.   First and most importantly, when you know how you’ll leave, and when you plan to leave, you’ll make better business decisions now (because you’re taking the future into consideration, too.)  Plus we read horror stories about an owner who dies suddenly.  No one knows the password to get into their computer.    No one knows how to run the business.   Things fall apart and those left behind suffer.  

How would you like to exit from your company?   Fill it in and put your vision in the comments box on this page.  Remember, if you don’t plan it, it’s going to happen anyway.  Best that you exit in a way that will give you (or your family) the maximum return on the time and talents you’ve invested into your company.

Some of my clients have a 2 prong approach — they will work less, maybe manage the company  and then eventually retire 100%.  Some will sell it to employees, or family members.  Knowing how you plan to leave your company will help you set it up so that you can do, just that.

In the year 20___,   ____(your name)_______________, will exit

______(company name)______________________

In one or more of the following ways:

  • Drop dead at their desk
  • Become disabled
  • Get divorced or spouse dies
  • Sell to an outside 3rd party
  • Sell the company to employees ESOP
  • Sell the company to one or two key employees
  • Creates a public company IPO it
  • Hire a CEO and become a manager or employee.
  • Retain ownership but passively run it
  • Transfer, leave or sell the company to family members
  • Drive the company to the ground
  • Forced to sell to partner
  • Leave the company to languish on it’s own
  • Get tired of the business and want to start something different
  • Liquidate it
  •  Other

How are you planning to exit your company?

Speaking and Getting Paid “In-Kind”

In the last edition of my newsletter, I promised to provide you with some information on speaking and getting paid “in-kind”.

A quick note: keep in mind that financial advisors and a few other industries can’t accept payment to speak. However, there are many business owners on my email list who can be paid as professional speakers. Ok, back to the subject at hand.

Speaking at an event takes between 8-14 hours of preparation and you deserve to be paid for your knowledge. If you are a professional speaker, your #1 priority is to be paid your FULL fee. Don’t be quick to take “in-kind”. It’s OK to say “no” to someone who will not pay your speaking fee.

“In-kind” does not refer to items that should automatically be included in your contract — like a one- or two-night hotel stay, travel expenses (including air, land, car parking, etc), or meals needed in the course of speaking at the conference. My personal rule is that I don’t accept “in-kind” instead of payment when I facilitate any type of workshop or retreat at a company.

So what is “in-kind”? It’s what associations may provide speakers in lieu of paying their full fee. It can include things that will help you grow your business (or yourself) such as: attendance at the conference, a trade show booth, extra days at the hotel, days at the hotel for family members, membership in the association for 12 months (or longer), or sponsorship in the association (for the event you’re attending or a future event). “In-kind” does involve money, but not the type that you can bank on. The association has to pay for “in-kind” items, but they usually do so at a discount.

Sponsors can also help an association or chapter meeting pay your speaking fees. I’ve seen this work with small Chambers of Commerce and at national conventions, too. So, if an organization can’t pay you (for whatever reason), suggest that they get a sponsor. It’s not your job to get the sponsor for them, although I’m sure that they’d appreciate your recommendation. For example, I tell associations that a good sponsor for my talks are a financial company, bank, lawyer, accountant or CPA.

Do you know other ways a speaker can get fully paid, and not have to say “no” to a speaking opportunity when there’s no payment, hotel, meals, or travel money offered? Submit your comments below.

Maria Marsala's name

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