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In my last email I offered to share a few example exit strategies, or more to my point, “conversion strategies.”

With that,¬†my inbox promptly blew up. ūüôā

Warning: whenever Tim Thompson or I speak in public on this topic (escaping the work-for-hire model / converting your business into an asset), owners get upset. Someone in the audience always protests:

“But our clients won’t let us do that!”

Ah yes. The old that’s-just-not-how-it’s-done-in-our-industry¬†argument. To which Tim often responds, “Oh really? Who told you that?”

Here’s the shift: evolving your firm from a creative services business into an asset¬†isn’t about your clients.¬†It’s about you.

Once you decide that you have the power and the freedom to create value¬†(it’s not about figuring¬†out the next service to offer your clients!), all sorts of things become possible.

Speaking from recent experience, here are a handful of real-world examples:

IP: maintenance contracts¬†keeping project files up-to-date…
IP: convert your systems into software for the industry…
IP: develop original content…
IP: license custom code, scripts, shaders, algorithms, etc…
IP: convert your expertise into curricula / courses…
IP: do versioning for your client’s affiliates, franchisees, etc…
Stock: revise past projects into sellable templates…
Stock: mine library for footage not subject to¬†work-for-hire…
Stock: invest with your client /¬†share¬†ownership of¬†footage…
Commissions: bring sponsors / strategic partners to your clients…
M&A: succession / pass the torch¬†to your employees…
M&A: strategic alliance / merger¬†with competitor…
M&A: be the shortcut to your client building an¬†internal agency…

Do you see the pattern? Each of these strategies follows three basic (albeit difficult to execute) steps:

  1. Unlock: find where your Genius intersects needs + resources
  2. Leverage: fully exploit your resources
  3. Build: create assets which you own / provide a hedge against uncertainty

No doubt asset creation takes a lot of intention, discipline, and follow through. But at RevThink there is one thing we know for certain: the best way to deal with the future… is to create it.

And last I checked, you are a creative entrepreneur. So get creating.

And know that we’re here to help.

Cheers,

Joel