I’ve been dreaming of this moment for years—the time when I can start exiting my business. No, I’m not going to sell it. Were you worried for a second? I mean, I’m going to step back and let my Team run it for me—you know, so I can actually live my life and do the things that you probably take for granted like go out to dinner with friends, go on vacation when I want to, or just have one day off each week.
We’ve been dabbling in this for a while, but it’s time to cannonball in.
Let’s review the definition of a business. According to my business coach, Mary Ann, the definition of a business is:
A commercial, PROFITABLE, enterprise that works…WITHOUT YOU.
This means that you are free to work ON your business not IN it. The business is fully functioning without you.
As much as I hate to admit it, my business is almost functioning without me. Damn. Guess I trained my Team too well. Just kidding! This is great news—I just have to stay out of their way and not screw things up. How am I going to do that? Let me tell you …
The first step to exiting and reaching that place where my business is no longer my life is to empower my management team to take care of all of our daily operations. My Manager, Emily, has recently been recognized as an “approved manager” for Pure Barre meaning, she now has an @purebarre.com email address and greater access to all the information needed to keep the studios running on a day-to-day basis. In addition, another employee will be expanding her role as an Assistant Manager later this summer.
In order to empower my Manager and Assistant Manager, I’m going to spend at least the next year working with them to fine tune all of our processes so they become simplified and easy to complete for anyone working at the studios. We’ll also be working on tracking key metrics so they can report back to me on how the studios are performing—instead of the other way around. For a smooth transition, I’ll create a monthly calendar of to-do’s gradually giving them more responsibility.
Figuring Out My Next Big Thing
So, this is going to be really difficult for me. I’m not sure exactly what I want to do next—but I can’t do nothing. I have a few ideas and I’ll have to spend some time figuring out which is the best one to pursue. Oh, and did I mention, I have a book coming out? Publishing seems to be ahead of schedule, so late July or early August for the release! Shameless plug, but promoting the book should keep me pretty busy.
It will be extremely important for me to have my next steps mapped out following my exit otherwise, I could boomerang back, not leave the business, and most likely make my managers miserable in the process. This is definitely not going to be easy—but I have hired some amazing employees and it’s time for them to step up so I can step back.
In Thursday’s post, I’ll delve I little deeper into how this transition is going to unfold and then on Friday, a super-serious discussion on hair ties—which ones are the best, which ones actually hold your hair up without breaking it, and possibly answer that age-old question of “Where do all my lost hair ties go?”
Until then, stay on your toes!