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Business Operations Exit Strategy
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It seems a bit odd to start thinking about your exit strategy before you even really get started! Thinking through your exit strategy is important at this early stage since this will help you largely define your long term business goals Your exit strategy will be your roadmap for how and when you want to get out of the business.
For simplicity sake, up to this point we have assumed that you are the only person in your mobile car wash and detailing business. However, as you think through your exit strategy you will probably need to plan for delegating the day to day operations to employees. Perhaps these employees are your children or grandchildren.
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The importance of delegating is that it gets you out of the daily operations and into a position where you can either build more businesses or retire.
There are a few exit strategies to consider in your mobile car wash and detailing small business.
Closing down shop
When it comes time to retire, you could simply sell your remaining assets and close up shop. This is certainly one of the easiest ways to exit the business. Unfortunately, this approach doesn't allow you to take advantage of all the hard work you have put into the business. If you just want to close shop, we recommend at least trying to sell your business to someone else.
Selling the business
Profitable turn-key businesses are rare. If you've built a successful business with a loyal customer base, you may want to sell your business. Selling a business can be a little complex so we recommend working with a business broker who specializes in the buying and selling of service businesses.
Franchising the business
Franchising your business is a great way to get out of the day-to-day operations but at the same time still make money from it. As a franchiser, you will charge franchisee's a fee to purchase your franchise. You will also claim a percentage of their profits. Franchising is also complex and subject to stringent laws and regulations. Work with a franchise specialist to help you out.
Consulting
If you like teaching others and still want to stay involved in mobile car care, consider starting a consulting business. You will coach other mobile car care professionals how to maximize their profits, streamline their processes, and build more successful detailing businesses.
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