Overplan to underfail

I have been thinking about mortality recently. No, there’s nothing the matter with me, before you ask. Far from it, I have never been fitter or happier. But there comes a time in any man’s, or woman’s life, when one takes stock and surveys the bounty of his kingdom, considers his legacy and contemplates the nature of his cog in God’s great Swiss Watch of a universe.

I have had my moments in the gutter, eating pop-tarts straight from the box, watching Kilroy in tears; but those wilderness days were a a dip on the graph of my life. Right now my X and Y axis rise in a well-balanced equilibrium. I am satisfied. Zeus will inherit the earth, or at least Profit Island and the Obafemi Trust will ensure that a part of me will always be in the young entrepreneurs of the future.

Right now, I have the food I need to eat, can pay Dennis a fair wage based on the national average and can dine where I please. Simple and just how I dreamed it would be.
Exit planning is essential. It’s not just about drawing up a financial plan; it’s more drawing up an emotional map. How do you want to feel when you exit your business? How do you want your business to be remembered?

For me, the legacy is everything. I want to be a footprint, rather than a footnote, a symphony rather than a song.

For that I appreciate that I need to give more than I receive. My autumn years will be happier knowing that I have riches in my soul as well as bullion in the chest.

But Tugg Gently isn’t everyman. I have wealth but some business owners haven’t yet organized themselves to be rich. For the everyman, financial security is key, so this is my advice.

Make an exit plan that takes consideration of you family and retirement. Without it, you are living every day on a prayer. If you were hit by a cab (which killed you) or contracted a ghastly disease (which killed you), how would your business move on? Have you left instructions for your own Zeus to pick up the pieces? Without planning, you have left a mess behind you, metaphorically and physically (presuming you got hit by the cab).

Plan for today. Plan for tomorrow. Plan for yesterday. That’s my advice. Leave no stone unturned. Over prepare and under fail.

 

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