It's easy to get caught up in the day-to-day only to miss the big picture. Consequently, opportunities can disappear as quickly as they came.

As a business Owner, this can be an easy trap to fall into. We all do it. I'm not suggesting you ignore the small stuff, just don't get personally involved in every decision. Have someone else take care of it. 

Why would you hand off important and not so important decisions? Because if you and your staff continue to run the business as if you're the only one who can make the right choices or solve the problems, you will live to regret it. If you don't already.
Eventually the reality will hit you, you're not running the company, it's really running you. Instead, you should be thinking about the bigger, more important issues. Like how exactly you're going to get out. 

One of the best ways to exit is to increase the value of your business. Then you can sell or transition for the most money and on your terms. All you have to do is make it desirable to Buyers and allow it to run without you. 
Somewhere down the road the company will be sold or transitioned. It may be while you're still around to enjoy it or after you're gone.  Either way if you're like far too many Owners, who are the epicentre of the business, it will be problematic. Your people will struggle and or a new prospective Buyer will see immediately, in the very early stages of due diligence, that without you the company cannot operate optimally. 

And that my friends, is where you lose the leverage you thought you had. Value goes down and terms end up in favour of the Buyer. If you don't currently have internal resources to accept the responsibilities then grow them or hire/contract from outside.

If you run a family business and have not yet let the next generation step up completely, (you know who you are) I guarantee family dinners are about to get more heated and a lot more exciting. BTW if you are the next generation, do yourself a favour and forward this email to you know who. At the very least, you can use it to get the conversation going on a far more serious level. i.e. Look what Eric wrote this week. Sounds like our family. Pass the green beans please.

When the company is running successfully on its own you don't even have to sell. You could conceivably have the business carry-on and continue to provide income and stability to your family and employees for an indefinite period of time. It just needs to run without you. You want options.

That's right, it's your cue to move on. Not sure what you'd do with your time? Call me and we'll talk. 
For the past little while I've been taking a part of my day, no not every day but many days, where I just stop for a few hours and think about the business. I'm not involved in solving small problems or day-to-day details. I'm just quietly evaluating the company, thinking about the future and the next steps required to get where we need to be and then working back from there. I'm enjoying myself more and our company continues to grow.
So slow down, hand off and enjoy more. It could make a huge difference in your future and the lives of those around you.

As always, I am available for a telephone conversation, a coffee or to guide you out of the jungle.

​Eric

As Mike Tyson so eloquently stated "everybody has a plan until they get punched in the face".

Extended Version: Many boomer age business owners have been putting off transitioning their company for so long, it's now the accepted status. Or they promised their spouse, the team, advisers and most importantly themselves, five more years and I'm out.
 
But suddenly circumstances change and you're faced with an unsettling feeling in the pit of your stomach. You want out, but you're trapped, for at least a period of time. And it's always longer than you want it to be. 
 
Could be changes in the business environment are making it too much work.  New competition is coming out of nowhere. They're well funded, younger or seasoned owners getting back in the game, more aggressive and kicking your butt.  Higher interest rates, cross border restrictions and you get the picture.
 
Personal reasons rank equally high as business or higher. Grandchildren are at that age where you can't afford to miss a minute of the fun. A dollar store purchase of a whoopee cushion can be the greatest gift and provide kids with hours of fun. Seriously, do you want to miss that?
 
It's a family business and the patriarch and matriarch pass on. After an appropriate grieving time, everyone in the family wants their share. Active in the business and non active family members all want what's theirs and to make their own decisions. And rightly so. Now you find out who holds a grudge. Who thinks they should have been active in the business but were overlooked.
 
The original thought, (not plan), was 5 years and you would be out. The new reality is 5 years now needs to be 1 or 2 years. Regardless of how unrealistic that is, it's the cards you've been dealt. You can get out in a short time frame but not likely for real money or the amount you need and on your terms. If you had prepared the business for sale or transition you could have absorbed the fallout of a condensed timetable.
 
This is when the 'now what do I do' kicks in. You haven't planned ahead and certainly not for a much shorter time frame. Reality steps in and punches you in the face. Making decisions when you're dazed, confused, and pressured typically never ends well. 
 
Regardless of the reason for a change of heart, when it's time to sell, the clock starts ticking. You can't stop it or change it back, time continues moving forward and eventually you will run out.
 
The point is, start getting ready today. Because even if you know the punch is coming, likely you won't see it until it's too late.
 
If it does happen this way, you need a first class team in your corner  to help you through the transition. More than likely your current legal and accounting advisers for the business don't have experience selling a company. It's like asking your running buddy to help you get ready for a boxing match. No good will come of it. They may have the best of intentions, but not the experience. There will be blood or at least bruising. Remember keep your left up.

As always I am available for a telephone call or coffee.

Cheers, Eric

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Selling Businesses and Buying Businesses