Your Company; Your Baby

We have heard it many times before:

Business owners referring to their company as “their baby”.

It makes sense.

When you start your own company, it is a unique expression of you. An expression that you bring into this world, and foster as it grows…an expression that takes a vast amount of emotional, physical, and financial resources.

Great parents ultimately raise their kids to stand on their own two feet one day…

Great leaders should raise their businesses to do the same.

As rewarding as parenting can be, two things can commonly be observed in parents:

• That undeniable glimmer in their eye when a child-free vacation is being planned
• That unmistakable pep in their step when their adult child is moving out of the house

Business owner’s, like parents, need vacations during the raising process, and a light at the end of the tunnel to look forward to:

The day when their “unique expressions” can function in the world without them and deliver a return on their investment!

Your business may be “your baby”…but it can’t remain a baby forever.

Take a look at your business parenting technique. Are you an overprotective business parent?

• Do you have a strong enough team in place to enable you to take vacations, or are you trapped in the office?
• Will your company need to cling to your leg when time to retire?

4 Critical Considerations for Preparing to Sell Your Business

“It’s a heck of a lot easier to start a business than it is to sell one.”

— Mark Stroud, Founder of Lamination Services

Mark had not even considered selling his business until his accountant made the recommendation. Frankly, the recommendation shocked him.  As I facilitated the latest discussion in The Succession Planning Roundtable series, Mark Stroud spoke candidly about what selling a business is really like for an owner.  I felt compelled to climb on the roof with a bullhorn and shout out his insight for all business owners to hear:

• “The fact that I didn’t have to sell made all the difference. This wasn’t a fire sale.”
• “Have a succession plan in place first, then choose when to implement it.”
• “Be clear on what your specialty is. Usually it’s running your business, not selling it. I had to start getting my feet wet with the sales process and make a bunch of mistakes before I realized I better get some help.”

The advice I heard from Mark:

1. Get counsel from trusted advisors who can help you start the process.
2. Ensure support from your spouse and your family.
3. Keep great records. Run a clean business. It gives a lot of legitimacy and a great core to build from.
4. Don’t wait until it’s too late and you are forced into a fire sale.

If you are thinking of selling your business and don’t know where to start, simply start at the top:

Have a confidential conversation with a trusted advisor whose advice you can depend on. It would be an honor to hear from you… 

abby@leadershiplegacygroup.com

Failure Creates the Path to Success

“I’ve missed more than 9,000 shots in my career. I’ve lost almost 300 games. Twenty-six times I’ve been trusted to take the game winning shot and missed. I’ve failed over and over again in my life...”

Yikes. Pretty depressing stuff right? Feeling sorry for this poor guy?

Spare your pity.

Here comes the perspective:

“…and that is why I succeed.” -Michael Jordan

Failed efforts often lead to successes that inspire.

You miss a priceless opportunity when you edit failures out of your story. People who look up to you want to connect with you. They want to relate to you. They want to know you are human.

You don’t need to be perfect; you need to be real.

We all fail.  When we are down, the thing we need most is the belief that we have the strength to get back up and keep fighting.

Let the unedited version of your story inspire those around you. Admit your failures. Own them as part of your legacy.  You never know who you might be helping back up.

Who inspired you when you needed it the most?