If you're a business owner today it's not easy. The world is changing crazy fast. Decisions need to be made quicker, the implications can be more impactful and it seems like every day there's another new challenge you know little or not enough about.
So what's an Owner to do? Start by admitting you don't know and follow immediately with identifying someone who can help. If it was your golf swing or getting in shape you'd know where to go. If you wanted travel advice, it's pretty simple.
But when it comes to your business, your baby, the passion of your adult life. (Ok one of the passions of your life.) At least some of the decisions coming up are key and will affect you and others long term. So who you consult with is as important as the decisions you make.
Most Owners will do the knee jerk move and call their Accountant or Lawyer. But is this an appropriate time for their services? Are these questions outside their areas of expertise?
A business coach is a great choice. A coach or coaches could be helpful by providing insights, specific expertise, connections, objectivity, emotional support, cheerleading and a laundry list of other things.
But what kind of expertise do you require? Depending on where you are in the life cycle of your company will impact who should help you. Is it a start up coach, grow and improve coach or a start down and get ready for transition coach that would better satisfy your needs? As you drill down the choice will become easier.
Make a decision and try it out. If the choice is correct, next time a challenge pops up and it will, you can say to yourself - I don't know, but I know who can help me.
As a starting point, I am available for a no charge call or meeting to discuss your current situation. We could end up working together or not. At this point what you need is to drill down, talk to someone who is a good listener, impartial and able to bring fresh eyes to the conversation. I'm sure some new insights would also be welcome.
Often accused of being inside my readers' heads, I tend to understand quicker and more easily than others what you might be going through.
Offering to help you is my way of saying thanks for being a loyal reader and for graciously maintaining our relationship.
So feel free to give me a call or send an email and let's talk about you.
Make every day count.
Take action now, 'Coach Eric'
A great question and we get to answer it more often than we think. It's typically our choice and we live with the consequences. We also sometimes bring others into the result and are therefore responsible for the impact of the answer on their lives.
So regardless of whether you're making a poor choice in clothing and embarrassing your spouse or a business decision that affects the entire company you need to decide.
Would you rather be the one who says I wish I had or the one who says glad I did?
Take action now, Eric
If you want to 'Get The Triple Effect' - Sell your business for 3 times more and 3 times faster.
Purchase my book from Amazon.ca or Amazon.com
Ask yourself right now. Who would you rather be?
We all have wants and needs but are we really ready to do what it takes? In this information age there is no shortage of experts, coaches, mentors and a myriad of ways to get the answer to how do I achieve X.
So if the answers are so easily and readily available why don't we just go out and get what we want? As a species we have learned to count on others for far too much. It can come free and typically with no effort. Excuses for not taking action are quickly adopted. Acceptance of not having or not having more is the norm and we slowly spiral down or remain in a state of no change on cruise control.
Many people set goals, work hard, change and adjust to their new circumstances and experience success. Of course these are the 'LUCKY' ones. We know that's not true. They just wanted it badly enough to work for it.
So if others can do it and the help is there for the asking why are you not moving forward? Maybe it's because you don't want to. You need to ask yourself, what is holding me back from having what I want?
Is it simply not knowing what you want? There are many resources to help you figure out what you want. So that's not it. What is keeping you where you are?
When you can answer that single question you may find the path to where you want to be is right in front of you and it's time to take the first step.
As Lewis Carroll said:
'If you don't know where you are going, any road will take you there.'
As The Rolling Stones sang:
'You can't always get what you want, but if you try sometimes, well you just might find, you get what you need.'
Take action now, Eric
If you want to 'Get The Triple Effect' - Sell your business for 3 times more and 3 times faster. Let's talk.
Ask yourself right now, how much do you want it?
Call me directly 416-270-2466 or email for an appointment firstname.lastname@example.org.
I didn't start out to write this weeks email about me personally, but sometimes it just goes that way.
My Father passed away when I was eighteen years old. He was only 51. While not with me physically, he has always been a part of my life. A good and just influence.
He danced to his own music and lived his life as short as it was, his way. Helping people, both friends and strangers, while never expecting anything in return.
He set a fine example of what it means to be a good person and will be remembered as someone who truly cared about others. More importantly, he took action to make their lives better.
I will think of him fondly today, trust I am living a life that honours him and will continue to pass his spirit on to my children and grandchildren.
As written on his tombstone.
'He was never too small for big jobs nor too big for small jobs.'
Something we can all aspire to live by.
It's NOT OK to wait any longer. You can deny it all you want.
If you're a boomer aged business owner (or know one), you know in your heart it's time to start the transition.
More than likely you are already taking the steps needed to move on with the next exciting stage in your life. By your choice or not it is happening. The train has left the station.
10 Ways Boomers Know They're Already In Change Mode
It's been a good run and you accomplished quite a bit with the company but it's time to let go. Get on with your life. I know I hear it all the time, you don't know what you will do if you sell or transition. You also don't know what you'll be missing.
Still not convinced?
Here Are 7 Triggers To Selling Your Business
Anything Sound familiar?
How about you take a comfortable first step. Please feel free to contact me at
905-499-3768-702 and we can have a brief conversation by telephone. Or email me at email@example.com to schedule a call. I've been told I'm easy to talk to.
If you like, visit our website first www.warrenbdc.com, see who we are and how we might be able to help you move forward.
There are two sides to an Exit Plan conversation: Emotional and Business. It's in your best interest to understand both.
If you're thinking about transitioning out of your company, you need to hear this interview. So grab a cool beverage, sit back and enjoy. Click Here
Family Offices Adding Staff As Direct Private Equity Investments Increase
Found in FIN alternatives Daily Newsletter www.finalternatives.com
May 8 2017 | 9:03pm ET
More than half of family offices now have at least two employees dedicated to sourcing and vetting private equity investments, according to a new survey from Family Office Exchange, and four out of five have at least one.
The data was published in the organization’s 2017 FOX Global Investment Survey, which polled 118 family offices on a number of issues including asset allocation, performance, passive versus active investing in long-only equity, investment trends, current economic outlook, and financial challenges.
Other highlights from the survey:
What do you do when someone lets you down?
Hey, stuff happens and people (associate, employee, supplier, customer, family or friend) can fail to deliver. When they miss a deadline, it's not always their fault. Could be their associate let them down, illness, or just mother nature/the universe messing with you. But did you get a call or email saying there was a problem?
Is it consistent, do they let you down over and over again? Is it something different each time? Maybe they don't care about you or are they driving you away consciously or subconciously?
I'd like to suggest a question to ask yourself. Do your plans for the future of your company include selling while at a peak in value?
Some companies we meet with at WarrenBDC, show neither top or bottom line growth. Owners have instead, resorted to stalling growth and squeezing whatever cash they can from the business. Some Owners are tired and lack the energy or incentive to continue growing their business, let alone sell it. They think they'll have enough to live on in retirement but continue to come into work more out of habit than to make a real difference. Often working is the result of not having an alternative way to spend their time.
Sound familiar to you or is it someone you know?
"The distance between insanity and genius is measured only by success."
As a trusted adviser, are your BABO clients stuck on when to start transitioning their company?
The biggest challenge today for boomer aged business owners is in taking that first small step toward selling their company. Realizing a successful sale or transition is key to their future. As hard as this is to believe for them, they will not live forever. Owners don't know what they don't know. They are the least prepared for the single largest sale they will ever make. It's time to shed some light and bring owners up to speed on transitioning out of their company.
My new book is available now on Amazon. Makes a great gift for your BABO (boomer aged business owner) clients or prospects. Ask about quantity orders firstname.lastname@example.org
1. Patience - Often times it takes years to launch a new idea and still more time to be successful at it. You have little real control over the thinking of others. Be it the world, family, friends or business associates. Some will come around to your way of thinking others will not. You know it's a great idea but 'they' may not be ready for it. The world is not on your clock.
2. Persistence - If you really believe in what you're doing you will not give up. Changing your thinking, adjusting the measurements, and revising your plan are all part of the process. Giving up is not.
Free samples has several meanings and offering stuff for free can often result in different outcomes.
You can get a free sample at the deli counter before you buy. Usually you're there to buy so it makes sense to offer free samples. Sure someone might take advantage but typically the ratio of buying vs taking is low.
Free on the other hand, as in download this stuff free, take this free pen at the trade show, come to this free event or take an hour of my time for free has less attraction to real Buyers and usually appeals to Takers.
Takers go for anything free or close to free and place little value on what they're receiving. It's appropriate to lower your expectations and anticipate a lesser quality of response.
The past year has been an interesting time for me. Lots of changes, including how I work, who I work with and how much I enjoy my work. Yes it is true, if you really enjoy what you're doing it's not work.
This is not without the obligatory surprises, tests of will and oh crap did I just make a huge mistake lightning bolt. So how have I managed to soldier through the challenging times? Good question. While it's exhilarating enjoying the highs, it can be tough dealing with the lows.
Here is my mantra. "I don't know, I'll figure it out."
Next time you're faced with an overwhelming challenge, don't curl up in the fetal position and try to ride it out or yell at the innocent party who just asked you a simple question.
Embrace the situation, take a deep breath and say "I don't know, I'll/we'll figure it out."
Interesting, I just had an epiphany while writing this post. It's no longer always I, it's now we. As more great people join our company I have become part of the 'we'.
Something for many of us to think about.
Answer a question, make a pitch, request a sale, get an opinion, show someone how to do something. If you can't make the message clear, communicate it quickly and say it simply so anyone can understand, then you're not ready.
I used to say, explain it to me like I'm a six year old. So here goes.
Grandpa and Grandma, are mixed up and sad about closing their store. Let's make them happy.
Know a 50+ owner of an established business feeling 'a little mixed up and maybe even sad about transitioning out of their business'? A friend, spouse, parent or client.
If yes, please click here and find out how to help make them happy again.
I've found that as you age, balance requires more attention. Please enjoy this short slide presentation on using Tai Chi principles to improve balance. You don't need to do traditional Tai Chi to enjoy the benefits.
How do I figure out what my business could sell for?
Thanks, Wondering How Much
We happen to offer a confidential, blank, DIY template form you can download and fill out with your Accountant on our WarrenBDC website. Click Here
Remember this is only an indication of the value of your business. A proper valuation by a licensed Business Valuation specialist is still necessary. WarrenBDC can help with that.
Whether you're exiting a business or just living your life!
Boomer Business Owners Are Missing Out On Cashing In,
Unless They Start Preparing Properly for Sale
TORONTO, ON, March 31, 2017 - Boomers (born 1946-1964) own about 63% of private companies in both Canada and the United States. Of the businesses available for sale, 70-80% don't sell. Incredibly 44% of Owners say they aren't familiar with their transition options, 24% do know what their choices are and 32% are not sure. As for getting help, 88% have not yet established a formal transition team.
Author Eric Gilboord says "Owners need to get started now, preparing their business and themselves for transition." Or the impact on their personal finances will be devastating. Many Owners are carrying on business as usual. The current thinking of many smaller Owners is to take as much money out of the company as they can for the next few years, and then sell for what they can get or simply close down. Neither solution is in their best interest."
The holidays are right around the corner. You have a not too frequent opportunity to speak with your entire family about the future. To talk about the business and what is going to happen.
Scheduling meetings or lunches or whatever to try and get to everyone during the year could be overwhelming. So how about taking advantage of the holidays? When pretty much everyone is already there. As for those who are not, there's always the phone.
No, I'm not talking about starting a bun fight. How about a quiet, private conversation with each family member individually. Take their temperature on how they perceive the business and their role or non role to date. What are their expectations for the future?
The most important interview I've ever done.