Exit Strategy is commonly used around the context of Business where it's trite to have an exit plan as you conceive and strategize the growth of your business. So usually, in crafting a business plan for one's business, as you construct your business model, operational model and financial model, you must also capture or showcase your exit strategy as well. Every business or product has its lifecycle and as a business owner, you must learn to plan around that lifecycle to make the most for your business or product in its lifetime or peak period. There are various ways a company or business might exit and some are either through M&As, Takeover, Scaling through IPO etc. The word 'Exit' here doesn't necessarily mean a time when a brand goes out of the game or loses relevance or significance or goes into oblivion in its market. No. In my opinion, exit in the context of a brand or business simply means a transition period for that brand. However, how this exit is managed, and the structure built around it, actually determines if the brand still remains in the game.
Moving forward on this subject, I would want to narrow it down to a more individualistic approach where we view exit from the lens of an individual, mostly one that is a professional in their act. That being said, it's highly uncommon to hear individuals or professionals who are known brands, distinct from their organizations or companies, prepare their exit plan. As a consultant, as a speaker, as a movie star (actor/actress), as a music artist, as a business professional, as a professional athlete in any branch of sport, how do you plan on exiting the stage? There is a reality that we all must face and that is the reality of 'Time'. There will come a phase when the lifecycle curve will begin to tilt downwards, a time when age begins to set in, a time when newer, younger and more vibrant skills crop up in your industry doing same thing you do, sometimes even better, a time when the attention of your once dominated market now shifts or is shifting to a younger and newer fire. At such point, you do not intend to drag the stage with them. I can actually feel the discomfort of someone reading this now as this spells truth and one's reality. But be of good cheer my dear reader. There's light at the end of this read. Lol.
The exit plan of a professional is needed not to take you out of the picture, but actually to put you in a state of perpetual relevance even when the trajectory of the curve goes down. Now here's the light I promised you of. It is when you lack an exit plan that you lose relevance eventually. To throw a clearer light on this, I will utilize a scenario approach, aiming at a couple of industries and giving us examples in that order.
As an Actor or Musician
The entertainment industry has what I can call sub branches in it; the branch of careers in front of the camera and the branch of careers behind the camera. The movie or music industry is so saturated now and filled with numerous young talents cropping up. To stay relevant , here are some options to consider in your exit plan.
Where as a professional in this field, you have made a name and have done great work in it, you should;
1. Start considering grooming young ones who will tie their success stories to you. Develop mentoring programs or even set up academies to help mold these young talents budding in the industry.
2. Consider going into production or directing. At your time of exit or as you begin to approach the down side of the curve, gradually transit from being in front of the camera to being behind the camera. For you to be a veteran in the industry or one who became a brand in it, it means you not only understand the art, but the trade of the business. You also understand the trends, insights, individuals, stakeholders around the industry. Use that as leverage and consider creating an empire out of the whole play. Build a business out of it and remain relevant.
As an Athlete
As you thrive and soar in your peak days as a young and talented athlete, traveling round the world and gathering medals, gaining spotlight etc. consider planning your exit strategy too. Some options for athletes could be;
1. Venture into the coaching side of your sport where you are currently a star in. This is common play in the game of football as most players eventually transition into coaching. You remain relevant this way.
2. You could also consider setting up clubs to groom younger athletes with potentials. Replicate yourself in these young ones. Raise little champions that will emerge to be even greater than you were.
3. Setting up a training academy is also an option. This is much more on a matter of scale as compared to just having a club. An academy incorporates so many levers of how the entire sporting industry works. This is what you infuse into the athletes or young ones budding.
As a Consultant, Speaker, Professional in Other Fields.
One of the beautiful feelings of a professional is being able to use your expertise to solve problems. Seeing that what you work on works, is a feeling of fulfillment. That feeling could be cut short when your once dominated market no longer turns to you for your service, and their demand shifts to either newer brands or even technology (AI). To stay relevant;
1. Always update your knowledge in your area and keep tabs with your industry trends and insights.
2. Impact through your professional service. Not every thing is about economic benefit. Use your skills to reach out and give back. It leaves a lasting impression that is usually difficult to recover from. This way, you remain relevant in the lives of the many beneficiaries you have impacted.
3. Prepare and raise your successors. The best metric used to measure one's success in their lifetime, is his/her successor. In your active years as a professional, invest in younger ones who will continue after you exit the stage; the stage here being the place of active play. Deliberately mentor and coach others. Unpack your knowledge in people as you truly do not intend to go down the grave with everything.
Though much have been said around the professional's industry, it is also possible for the professional to delve into areas not in his or her vertical or usual practice area. They could decide to venture into other things but not without proper guide from experts in that area. We have witnessed athletes, music artists or actors venture into owning clothing lines, colognes, etc. However the professional wishes to decide, proper research and training if need be, must be done in that area to gain more insight and understanding before venturing into it.
Conclusion
It is believed that a business or brand is meant to outlive the owner or founder. The success and stuff of a brand is in its posterity strength, navigating and cutting through dispensations, generations, various economic tides and trends and still remaining afloat. So should personal or individual professional brands be. As a professional, you are to outlive yourself and you do this by ensuring your name and impact lives on even after you are gone or have exited the main stage of play in your field. This affirms your continuous relevance in your industry or in life generally.
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