What’s Your Career Exit Strategy?

Career exit strategy! Before you click out saying, “This has nothing to do with me,” let me pose a few questions.

• Is your present job so secure that nothing threatens it?
• Do you plan to “die in the saddle”?
• Do you have a succession plan?
• Do you have passive income?
• Is your work fulfilling all of your needs and desires?

If the answer to one or more of these is “no,” then you need an exit strategy.

Let’s look at a few:

Leaving Your Present Employer for a Company in the Same Field

You’ve been thinking about it for a while and now you’ve set a date — out by the end of the year, post bonus, when the kids graduate from college. You have time, but not enough to waste.

What to do?

1. Rev up your network. Not only internally but more importantly externally. Set a schedule of 1 x 1 meetings, group events, conferences, and seminars. Stick to it and get back into the thick of things. Here’s the secret — offer to help others. You want to have some chits to turn in when you need connections, leads, or advice. This is especially true with recruiters and headhunters. While you may not be ready to talk with them about yourself, see how you can help them locate others in your network. Then, when the time comes, they’ll take your call.
2. Use your benefits. You’ve earned them but probably have not taken full advantage. Get those eyes and teeth checked, schedule PTO, contribute to your 401K, take a class relevant to your work and get reimbursed. I’m not suggesting wasting anyone’s money but if you move, you’ll be less likely to take advantage early on because you’ll be too busy or may not qualify.
3. Make a lasting impression. Keep in mind your references may be checked within your company — even if you haven’t authorized it. Make sure you have excellent relations with everyone around you. Do your best work. I know you think you always do but when you have decided to exit, it’s natural to slack off. Fight the urge to do so and leave everyone thinking, “We shouldn’t have lost her.”
4. Prep your team. Help them become independent and self-reliant; for their sake, yours, and the company’s.
5. Succession plan. Have an idea of how the company should continue your role and who should lead it. You want this to be a smooth transition, even when your fantasy is that the whole place falls apart when you’re gone. Think about who you will eventually want to hire to be on your new team.
6. Do Your Homework. Read everything you can about prospective employers, especially the good and bad reviews. You wouldn’t be the first person to jump ship only to find out the new one is sinking or having a mutiny.

Going to Another Career

This is more challenging and takes more prep.

1. Ask, “Is this a career or a hobby?” I like to garden but I wouldn’t want to shovel dirt all day for the rest of my working days. The same is true for a lot of people who dream of doing what is an all-involving interest, only to realize they can’t or don’t want it to be their career. For more on this topic go to my article, “Should I Change Careers?”
2. Try it out. There are companies that will match you up with a week-long, month-long, experience or internship where you can be a baker, whitewater rafting guide, or work in a winery for a price and get a sense of the day-to-day. Test it out. Pivot Planet is a website that can get you a conversation with a pro in hundreds of fields. The founder, Brian Kurth, also wrote a book titled, “Test Your Dream Job.”
3. Can you afford this career change? Rarely does a career change start off by paying you more money than you presently earn. A long talk with family members, probably your accountant or financial planner, and of course you, need to determine if you can manage and tolerate the lifestyle change. That said; if you really want a change, you can always make it work assuming you are willing to make the sacrifices. Socking away some money is a way to start your exit strategy.
4. Being a consultant. It’s a switch, probably more radical than many people realize. Being a consultant requires you have an expertise others will pay for and an ability to market yourself. (Something many people find very difficult.) You must be able to handle the ebbs and flows of the consulting business. Sure you can take off whenever you want but you are also without pay when people don’t want or need you. That said; the life of a consultant can be very rewarding and free of many of the hassles a corporate job demands.

Your Own Business

Many solopreneurs and small partnerships fail to plan for future exits — future or sudden. Ask yourself:

1. Would anyone buy the business? For how much? What would make it more saleable? If it has no value, where does my income come from?
2. Could I exit and still have passive income? What would they be and how could I develop them now. Are there ways technology could “run” my business?
3. Could my team operate the business? What would I need to do to make this possible?
4. How much goodwill have you established and what value does it have? I once sold a business where 80% of the selling price was the goodwill of loyal customers. It took years to build but it was worth it.
5. What commitments do you have to honor? — lease, equipment, debt, loyalty to staff? All of that must be taken into account when you have an exit strategy.

Going Back to School

I have a simple belief. No one should go to graduate school to discover what they want to do. Other students and the professors assume you know that and you will be dealing with experts. If you want to return to the classroom to enhance your knowledge in your field, change careers, or dig deeper into a personal interest that has little to do with your work – go for it! Looking for your passion? Hire a coach. It’s cheaper than tuition.

How Do You Get Started with Your Career Exit Strategy?

1. Envision what the end will look like. Go into great detail. Take you emotional temperature at each turn. Do a grape cluster.
2. How will you act to create and execute a strategy?
3. What do you imagine it will be like going through and completing the process?

Whether you’re early in your career, at your peak, or slowly winding down, an exit strategy is essential.

An executive coach could help you create your strategy.