Exit Strategy: Where is the final payoff ?
The days of huge stock option gains at your employer are gone. I still hear the stories from some friends who were lucky enough to cash out in the internet and buy the nice cottage up north, or steak and strippers on option vesting day. These days are gone, for the most part. Don’t get me wrong, there are still success stories like twitter and facebook that will provide big paydays, but there are far too many that never come and too many people who have worthless options.
Take this Gold Watch and Shove it!
So at your job, what is your exit strategy and final payoff? After 30 years of service you get a cake and a gold watch? Don’t worry there are lots of people paying cash for gold, so you should be able to get $24 for it.
As yourself this question: Can you sell what you have worked on and built up in your current job?
No, your working and building up someone else’s business. What is the best you can hope for? Defined benefit plans are pretty rare, and your future is almost always in the hands of someone else. What if your boss changes and suddenly your out of favour and now you just slid down the corporate ladder. What a waste of those late nights working on the project for your old boss. Restart.
Corporate cutbacks? What do you exit with a few weeks’ severance? Then your off to the tough battle of interviewing for new jobs, which is tougher and tougher the older you get, it’s just a matter of fact.
Starting your own business, you are the master of your own destiny. You have a connection to your customers, they are paying you! The actions you do directly affect how much money you make.
You can build a business that you can:
- sell
- leave to your family
- sell parts of
- license and collect royalties
- and the list goes on!
This allows you to get additional cash flow, but still keep your day job….for now.
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