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Exit Planning Years ago, I heard Tom Winninger, an extremely effective professional speaker, discuss Sir Edmund Percival Hillary's assault on Mount Everest. Tom said that reportedly when Hillary and his sherpa guide got to the top of Mt. Everest, Sir Hillary asked the sherpa. "What are you thinking at this moment?" Supposedly, the sherpa answered, "How get down?" Whether this is a true story or not, it's a wonderful story and speaks to the issue of always looking at exit strategies. Once you get up, you've got to get down, or you could be beset with as many problems as you encountered getting to some destination. Unfortunately, not too many people focus on what to do if things don't go well, or what to do when they get old, or what to do if circumstances change significantly. Recently, there has been a lot of discussion about the NATO involvement in Kosovo. A lot of people attacked the Clinton adminsitration, saying that it didn't have an exit strategy in Kosovo if NATO decided its goals weren't achieveable. There is a lot of wisdom to planning not only how to get someplace, but also how to "get down." If for no other reason, exit planning increases your creativity as you consider how to achieve your goals. Exit strategies open up doors of possibilities. But how many people actually plan for failure, or cessation, or simple change? For example, among insurance agents who are single-owners, how many have a succession plan? Many insurance agents spend their entire life building their business and still have not given much thought to perpetuation planning. A life-time's investment can end up going no where without this planning. More and more people are moving into businesses that are solely dependent upon their professional contributions. They are contractors, independent professionals, people who are putting together a living through a series of projects. What are their plans to protect this investment? One commentator on the insurance industry found that only 20% of independent agents have a perpetuation plan in order. The questions one needs to ask aren't that difficult,
but the answers keep changing, which probably encourages most people to
focus on current business, rather than on exit planning. Here are a few
questions you can begin to ask yourself to increase your chances of successful
planning—whatever happens in your life.
Good luck!
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