Appraise the Value of Your Compliments

“The most exhausting thing in life is being insincere.”                                                                                                                                                 -Anne Morrow Lindbergh

I couldn’t agree more. Now, that doesn’t mean I am advocating that we all take a page out of Scrooge’s handbook and bring “Bah-humbug” back onto the scene...

Why flood your market with ‘atta boys’ and ‘good job’ compliments? It’s not that they are not sincere. I am sure you mean that ‘good job’, but what does ‘good job’ really mean? To preserve the value of your compliments, it all comes down to whether or not they are specific enough that the receiver really understands what you are complimenting --  and whether people can really trust that what you are saying is true and free of a personal agenda.

Sincere and specific compliments are hard work. Most people won’t bother. Finding the right words to describe specifically what you appreciated or valued in someone else’s actions is not easy. It requires paying enough attention to note the behaviors and then finding the words to describe them with the sincerity you feel.

Every time you give someone the gift of your words, remember, the quality of the gift you give is a direct reflection of the quality of character you have.

Let’s stop accepting or giving gold plated placations …

and instead strive to give the kind of compliments that are so specific and tangible that they are remembered forever.

Who will you give a sincere and specific compliment to today?

Time For A Change

            As humans we are biologically and evolutionarily wired to fear change, but change can be a positive thing, especially if you are not happy with your current situation.

            More often than not we stay put when we aren’t happy due to our need for stability. And while there is nothing wrong with stability, there is something wrong with doing something you don’t enjoy as you approach the latter part of your career. So how do you know when it is time to move on?

            Being financially stable or gathering experience in order to further your career might be good reasons to keep working at a job that you don’t enjoy, but as you reach the end of your formal career, and your work stops serving your needs it may be time to move on. Here are a few signs to look for when you are rethinking your exit timing:

            -Are you continuing to learn? If you are not being challenged or learning something new and useful most days, it could be time to find a new challenge or move on.

            -Are you working at your optimal level? Your years of experience may afford you a lighter workload, but if you find yourself underperforming or getting distracted too easily you could be bored and ready to move on. Finding or creating something a bit more intellectually stimulating could be the answer to curing these particular blues.

            -Do you feel unappreciated? Oftentimes we feel like we give and give and give but receive nothing in return. If you feel that your employees, your customers, your suppliers are not appreciative of what you provide, it’s either time to speak up or maybe you are getting jaded.

            -Do you get frustrated more quickly with your executive team or key employees? Unfortunately your leaders can make or break your enjoyment. Getting past petty squabbles or a general dislike for someone can be difficult, but if your executive team members are the main stressors in your business, it could be time to move on. And there is no shame in that. Finding a meaningful and rewarding what’s next, where you fit in and feel valued is of the utmost importance. Just don’t forget to give others the benefit of the doubt.

            You have the power to take charge and change your life for the better. You know when the time will be right to move on. Finding out what serves your purpose in life is extremely important, and finding an outlet for that passion is what will make you ultimately happy in both your career and your life.

Stop Making Excuses – Start Planning!

Business owners have a ton of excuses as to why they won't begin planning for succession. But making excuses only leads to procrastination, and being unprepared may lead you to squander a great deal, or have to stay longer than you wish.

You have nurtured and grown your business. It's hard to imagine leaving! It's been one of the most important things in your life.

Some common excuses from business owners and ways to combat them include:

-Darn! My business isn’t worth enough to meet my needs.

This excuse is legitimate, but also can be addressed. Making an exit plan to drive up value years before you intend to leave will help ensure that when the time comes, your business will leave you financially stable. Start now to identify the most productive and tax-efficient ways to leave on your own terms.

-This business is my life! Who will I be without it?

It can be scary to leave behind something you’ve poured your heart and soul into for the last thirty years, but if you invest some energy in assessing what motivates you, you can find a meaningful and rewarding lifestyle in your post-business life.

-A buyer will find me when the time is right.

If only… This passivity can lead to working much longer than expected, much longer than wanted, or it can result in a bad deal for you. Being an active seller is better than waiting; the market of tomorrow may not be perfect, you never know when a competitor can move in or another recession hits. Working towards finding a suitable buyer is always better than waiting for one to come to you.

-I will be required to work for a new owner for years.

Not if you make sure you have a solid team to run the business while you’re still there. Invest in their professional development. The less you need to be involved now, the less you’ll need to be involved then. Your business is more valuable if you don’t need to run it day in and day out.

Start planning for this transition now to secure your financial security and future happiness and to ensure the sustainability of your business for your employees and customers. There may not be a perfect time to exit, but the time to start planning is now. When you actually walk away is an incredibly personal decision that only you can make.