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Show Notes
What happens when we reach the end of our tutoring career?
Today on The Tutor Podcast, Neil discusses the exit strategies you can take when it’s already time. Neil realised that the clock is ticking and soon, there will come a time that he’ll be very old to teach. So, what do we do when the music stops? What do we do when we don’t want to teach anymore? Learn today where you can get more opportunities and more options outside tutoring when you tune in.
KEY TAKEAWAYS
Exit Strategies:
- Have one
- Don’t think “it’ll be all right” because nobody is coming to the rescue
- Social security is already bankrupt in the US and Britain is following suit
- Define your own retirement
- Don’t rely on benefits
What options do we have?
-
Retain the business
- Stay on as owner
- Avoid practical work – unless it’s a top-level service
- You’ll need staff
- Create a succession plan
-
Sell the business
- The business cannot be just you or me
- Tangible and bigger than one person
- Systems, IP, Premises
-
Create systems:
- Franchise-able, McDonalds model
- Train / mentor
- Get paid royalties
- Earn commissions
-
Create IP
- Books, Music, Teaching tools, Licenses and royalties
-
Diversify
-
Invest outside your business
- Properties, equities, new & existing businesses
- Create a passive income
- Don’t rely on anything based on projected capital growth and draw-downs / refinancing – you have no control over the market
-
Invest outside your business
BEST MOMENTS
- “Nobody’s coming to the rescue. The old idea that the state pension will keep you in comfort after you made your contribution is broken and obsolete.”
- “We have to think about diversification. Invest in a business.”
- “Opportunities are everywhere, so keep listening and keep thinking about what you want to do. Always do your homework where you’re investing.”
- “Have an exit strategy. Start thinking and start planning – then get busy doing, because nobody is coming to the rescue.”
ABOUT THE HOST
Neil Cowmeadow is a maverick peripatetic guitar teacher from Telford with over 19 years of experience in the business of helping people. Learn how to start, grow and love your business with Neil’s invaluable advice and tips without the buzzwords and BS!
CONTACT METHOD
Neil Cowmeadow