Over and over this year and last, the word has been to so many who would like to retire or merely move on to other business ventures “don’t sell your business now if you can wait.”
The unfortunate piece of this message is that folks are tired. They are not finding the energy they once had to find new solutions, take more cost out, do the jobs once someone did for them. They don’t know when the economy will rebound and how long it will take to be able to demonstrate the viability of the business.
Look at this positive note: When your business does survive, it will be just that much stronger and viewed as such by the prospective buyers.
What can an owner (one who wants to sell her business but knows that waiting is the right decision for now) do to find the energy and new ideas?
At a recent seminar put on by Dakin Business Group, Steve Rose, Head Coach in Santa Fe, and Alison Brown, entrepreneur and private therapist in Grand Rapids, MI spoke to this dilemma. However, their message was not unique to this environment but a great reminder of good business practices.
It is really about work life balance, having a life plan that challenges us to achieve what we want from life in both business and personal realms. Consider all the segments in your life. Define the things that are most important to achieve. Set goals, prioritize, and determine the means to achieve them.
In this seminar, each participant made their own 90 day plan. In my plan, I found three key goals to meeting two business challenges and one personal/family challenge. At first I thought 90 days was ridiculously short. In reality, even making strides to the final outcome will help move me forward, getting out of stagnation. This planning took place only 10 days ago and as a result, I took a definitive step in each of the goals.
One step I took was acknowledging that I could not deal with one goal without outside help in the form of a professional. This thought had be slogging around in my head for a year and, finally, the process of making the commitment moved me off merely thinking about it.
A seminar/workshop setting is not necessary to move forward. You can do it on your own. Often, however, having an individual or group to be motivators helps.
It could be awhile before you can sell your business but don’t keep that from moving you and your business forward.
To reach Steve Rose: TaosCoach@gmail.com
To reach Alison Brown, PhD: 1- 800-788-8630