Monday, June 4, 2012

Making A Graceful Exit (Part 3/3)

‘The first generation makes the money.
The second generation fights over it.
The third generations squanders it all.’ ~ Asian business saying

When participants of a race decide to stop, they would earn a abbreviations against their published results such disqualification (DQ), Did Not Finish (DNF) or Did Not Show (DNS). There are ramifications for such outcomes if you are a professional athlete, and certainly less if you a weekend warrior. Living with your eventual decision is imperative to your sustained or future success. It has been said, almost as a truism, that you quit once too often, it may become a destructive pattern.

When competitors fall out of a race, it could be due to a myriad of reasons including injury, accident, fatigue, safety, physical risk, or crippling medical conditions. Surely, no sporting event is worth sacrificing your life for? Were they eliminated because they failed to meet the cutoff time? Did they pose a hazard to other competitors? Were they unfit for the race?

When being interviewed for a job internally or externally, how do you turn down a job offer respectfully? Have you ever opted not to participate in a tender? Why? When do you turn down an offer for assistance? What were the implications when you refused help from a kind person?

When you start a business, you will need to consider your exit strategy. When will you sell off your business? What will be your legacy? Will you grow your business through a merger or alliance? When you pass your business on? Many small businesses die a natural (or unnatural) death when the founder passes on. It could have been passed on and over to a worthy successor, yet it languished and, subsequently, perished due to neglect. How could that have been prevented if a family member did not wished to receive the baton? How do you build continuity and sustainability?

Are you employed in your company for the long haul? How truthful are you when pursued about your interests and career plans? A staff leaves a company for many reasons, and what would yours be? Every staff is a worthwhile addition and costly loss upon their departure. What was your reason for leaving your last employ? Why did you end your business partnership? Was it a healthy dissolve of your company and relationship?

Leadership Lessons: What are your exit strategies in business? How do you bow down gracefully when you know that persistence may not secure you your results? How do you respond to failure? When do you know when to call it quits?

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