{"id":295,"date":"2016-03-13T19:50:40","date_gmt":"2016-03-13T19:50:40","guid":{"rendered":"http:\/\/nwc.co\/3\/?p=295"},"modified":"2017-08-04T12:52:12","modified_gmt":"2017-08-04T16:52:12","slug":"6-exit-strategies-for-coworking-spaces-pick-one-or-one-will-be-picked-for-you","status":"publish","type":"post","link":"https:\/\/nwc.co\/3\/6-exit-strategies-for-coworking-spaces-pick-one-or-one-will-be-picked-for-you\/","title":{"rendered":"6 exit strategies for coworking spaces. Pick one, or one will be picked for you!"},"content":{"rendered":"

\u201cI don\u2019t need an exit strategy.\u201d<\/p>\n

I remember thinking this when I got started building New Work City. I was so passionate, so committed, that I thought the very notion of walking away from this thing I was building was a betrayal.<\/p>\n

There were a lot of things I didn\u2019t know about business when I got started. I certainly didn\u2019t understand the importance of separating the identity of the business from the identity of the self.<\/p>\n

If you\u2019re in a similar position, I\u2019ll tell you what I wish I\u2019d heard someone explain better to me: start with the end in mind.<\/p>\n

You don\u2019t have to have a crystal clear plan. You don\u2019t have to stick to that plan; you can change it up many times. But be heading somewhere.<\/p>\n

Your business can live forever, but you can\u2019t.<\/strong><\/p>\n

Your plan can to run your business for the rest of your life, but even then you\u2019ll need a succession plan. Business entities can be immortal, so long as its creators architect it to be something that can be passed on.<\/p>\n

Your exit from your company may be when you exit this lifetime. Regardless, it\u2019s going to happen.<\/p>\n

In all likelihood, it\u2019s going to happen much sooner than that.<\/p>\n

So what are your options?<\/strong><\/p>\n

Generally speaking, it comes down to one or several of the following options:<\/p>\n

1. Develop a Cultural Institution<\/strong><\/h3>\n

You dig in and make a home for yourself that can last forever. You either find a way to buy a building or establish a long-term partnership with a person or entity that owns one.<\/p>\n

You embed your business in the neighborhood. You\u00a0become a hub of activity for not just work but community events. Art shows. Retail. Education.<\/p>\n

There’s a board of people who are invested in the project, so it’s not just you. Maybe it’s a co-op.<\/p>\n

It can be tricky to get it rolling, but if you can pull it off, you can maintain a clear focus on your mission and serve your community for a long time.<\/p>\n

EXAMPLES:<\/p>\n