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© by Sally Jones; all rights reserved

An exit strategy! Why do I need an exit strategy? I'm just starting my business, why do I need to know how to end it?

I know it may seem strange to be reading this article on how to end your business. When you are starting a business you have lots to think about and even more decisions to make, but it is just as important to at least think about how you would disolve your business.

As a sole proprietor you have three options with your business. You can pass it on to one or all of your children. You can just cease to do business. Hang a closed sign on the door. The third option is to sell your business. Still, when you are starting your business, one of your long term goals should be what you plan to do when you retire.

This is especially true if you are going into a partnership. No matter whether you are going into business with a sibling, your best friend, or someone who has the cash to help start your business, you need to have, in writing, how you are going to quit the business.

Why is this important? It is important because if it is in writing, there are no hurt feelings when it comes time to disolve the business. I have seen many friends become enemies over a business. Just as you would have a contract on each person's job description, you need to know who gets what when you disolve your company. Also, no one will be filing law suits over the disolution of the company.

Let me give you an example. Three friends went into business together. Each had an equal partnership. Because they knew it would be several years before the business would make money, they had in writing an exit strategy. Each person's investment was tied up in equipment and each signed the lease on the building. If one wanted out they would just not sign the lease and would only get the equipment they brought into the business. One friend decided that she did not want to be in the business any longer. Try as they might, the other two could not talk her into signing the lease for another year and then maybe trying to sell the business. She said no and she left. About two months later, an investor walked into the shop and offered to buy the business. The two friends that were left sold it. When the third friend found out she wanted a third of the profit. The other two did not split the profit with her as she had left and had not signed the lease. Needless to say, the friendship disolved as well as the business.

An exit strategy is something to think about even if you haven't opened the door of your new business yet.

St. Patrick's Day is coming soon. Why not have a green tea tasting? You could take some time to explain how tea is processed and why green, black, white, and oolong is different from each other.

This would also be an opportunity to teach your customers on the techniques of cupping tea. What a wonderful way to give back to the community.

January 2006:
Speciality Tea Institute Levels 1, 2, and 3 Certification, San Francisco, California

January 22-24, 2006
31st Winter Fancy Food Show, Moscone Center, San Francisco, california

March 27-29, 2006:
World Tea Expo, Las Vegas Hilton Hotel, Las Vegas, Nevada

May 4-5, 2006
Fresh Cup Roadshow, Adam Mark, St. Louis, Missouri

May 7-9, 2006
8th Spring Fancy Food Show, McCormick Place, Chicago, Illinois

July 9-11, 2006
52nd Summer Fancy Food Show, Jacob K. Javits Center, New York

We would like to hear from you. If you have any tips that you found helped you build a successful tea business, please submit a tip and we will publish it in a future Tea Business Success News. We will also give you a permanent link to your site.

I have had a couple questions about how to become a tea importer and how to begin importing tea. I will be attending the Specialty Tea Institute Tea Certification Class, Level 3 Jan. 23-24. (I have already passed levels 1 & 2.) I will be getting this information and will have it for my next e-zine.

If any of you are interested in learning more about tea, I would highly recommend these classes to you.

Contact Sally