Business Success Strategy of Multi-Million Dollar Companies – Have an Exit Strategy
As a business success strategy this may seem odd at first but from the outset you need to have a clear idea of what your exit strategy will be and then work towards getting to the stage when you can implement that strategy.
If your business relies on your presence you don’t have a successful business. You simply have another job. Now, just because you have an exit strategy doesn’t mean that you have to put it into action. However, having such a strategy gives you flexibility.
Your exit strategy may involve your selling the company, being able to take an extended leave of absence or walking away from it altogether. One individual who has done this is Derek Gehl.
Derek Gehl recently announced his retirement as the CEO of the Internet Marketing Center (IMC). For several years he has been the face of the IMC. So it is understandable that when he announced his retirement many people were concerned for this company has been involved in helping thousands of people to launch their Internet business and start earning real money on the Internet. However, Derek Gehl was quick to allay people’s fears.
“Even though I’m retiring there’s a real company here of really smart people that I’ve been working for years to train and educate. And I have no doubt that this group you see here will continue on and provide you with the strategies and techniques that you need to be successful on the Internet.”
This company is an excellent case study of the value and importance of having an exit strategy. The fact the company exists today is testament to this.
You see, in 2005 Derek Gehl’s friend and business partner, Corey Rudl, died suddenly and tragically.
Corey Rudl was a much-loved and respected Internet Marketing pioneer. His death sent shockwaves throughout the Internet Marketing community. And his death might have spelt the demise of the IMC.
However, Corey Rudl and Derek Gehl knew their limitations. While they were brilliant Internet Marketers they lacked business experience and so they sought out the most astute business minds to help them formulate a plan to manage the explosive growth of the company in a sustainable manner.
As they worked on re-structuring the company they realised that, despite the success of the company they had created, they were moving away the roles they loved most. They were falling victim to their own success. Both Corey Rudl and Derek Gehl thrived on being on the cutting edge of things. Their passion was in pioneering new marketing techniques and strategies. Yet, they were spending more time managing than doing what they loved.
This is what prompted them to devise their exit strategy and their vision of transforming the IMC so that it was not about any one person. Their vision was to re-structure the IMC so that it ran as a team of individuals capable of building upon the solid foundation they had built. This decision would prove to be the salvation of the company.
At the time of Corey Rudl’s death, Derek Gehl was still very much working behind the scenes. Now he had to take centre-stage and show the world just how robust the company was and that the dream that he and his business partner had painstakingly and diligently nurtured was not about to dissipate.
Derek Gehl put his retirement on hold. While the re-structuring had been almost complete it wasn’t quite there yet. He wanted to be 100% certain that when he did decide to step down that Corey Rudl’s legacy would live on. And not just in the continuation of the company that he poured his heart and soul into but also for Derek Gehl to return to the frontline and pioneer Internet start-ups.
Critical to achieving this goal has been the building of a super team of individuals who love the managing of a company as large and complex as the IMC as well as training Internet entrepreneurs how to make six- and seven-figure incomes with Internet businesses.
The IMC consists of several interdependent departments staffed with individuals who are among the best at what they do and are passionate about the growth and success of the company. The formation of this formidable team has been a key factor in Derek Gehl having the confidence to enact his exit strategy.