facility, performing busy work without accomplishing anything. The trajectory you imagine for your business can only become a reality when an entrance strategy follows logic and necessity. In other words, an entrance strategy begins with item number one on a list of tasks that are necessary for the start of your business–the foundation for the blocks of your wall.
You cannot exit the business successfully if you don't enter it carefully and make sure the exit strategy is possible throughout the lifecycle of the business.
During these challenging economic times, some facility operators are actualizing their exit strategies. Their businesses may be masterpieces, ready to be sold to employees or in the open market. Other operators may be exiting because they are frustrated, exhausted and running from creditors.
Failure at the end of the life of a business can usually be traced back to haphazard planning. An exit strategy formalizes your career plans for transitions such as family business succession and retirement.
Jim Cline is the Principal of The Goals Group, an indoor sports consulting firm, and a member of USIndoor's team of professional consultants. Jim is also the Director of USIndoor Sport's Certified Arena Operator accreditation course. Jim has operated, designed and built indoor sports facilities for many years.
An exit strategy may also be requested by the bank or investors who may also want to know alternate uses for the building and the property if the business fails.
I have been involved in many sports business exits in recent years–some good and some disastrous. Most exits have been unintentional and poorly planned. Just as an exit strategy is essential, so is an entrance strategy. Unfortunately, much of what happens in business,
especially in indoor sports facilities, is an accidental journey down unknown roads, which we travel down as fast as cash flow will allow.
I will have some thoughts on how to cultivate a masterpiece of an exit strategy in the next issue of GO Indoor.
A living plan that changes and grows with your business will make transitions as smooth as possible.
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