“There should be a very clear goal to work backwards from.”
Transcript
Ryan Castle
You’re listening to Level 10 Leaders Power Tips, and I’m your host, Ryan Castle. Today we’re revisiting a standout moment from our full episode with Megan Long from Second First. Her power tip is on integrators: start with the exit. Let’s dive in.
Megan Long
The number one frustration that we hear from integrators, or executives in that second in command seat, is “I don’t even know what I’m working towards.” They go to work every day. They keep the day to day running. But when it comes to the actual big picture, they don’t have a clear view of what that vision is.
The conversation sometimes has to be facilitated by the integrator to really get clarity around what we’re working towards. And sometimes that’s an uncomfortable conversation to have. If you’re close enough, it should honestly start with the exit. Are we growing this to sell? Are we growing this to do an ESOP? Are we growing this to hand down to your son? What’s the end goal that we have here, and then how do we work backwards from that?
That’s honestly the integrator’s superpower: knowing, “There’s where we’re going. I’ll put the plan in place to work backwards to get there.” They just have to know where they’re going.
And even if you’re not comfortable discussing an actual exit, there should at least be a very clear “Here’s the valuation I want to have at the end of five or ten years to have any option I want.” Even if you just want to use your business as an ATM at the end of those five or ten years, great. But there should be a very clear goal to at least allow the integrator to work backwards from.
Ryan Castle
Thanks, Megan. Small, deliberate actions drive lasting progress. Let's get to work.
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