Share your profits, knowledge and experience with ...
In many lifestyle businesses the owner typically keeps the company a certain size because they are comfortable with managing only so much. Life is good, staff are compensated and so it goes from year to year. You've created a machine but only taken it so far. This operating style has worked well over time.
Like owning a ferrari and driving it to the store for milk. You can do so much more with the business machine you created. Then again you already knew that.
Eventually the idea of how you will spend the rest of your post ownership life pops up. Maybe you discover you can't transition out of the company the way it is or even if you do sell it won't fund your post ownership plans.
Suggestion #1 Grow what you have.
Share all your resources with your internal and external teams and get the company to where you have choices. I guarantee you will learn alot about yourself and those around you.
Suggestion #2 Make just 10% more profit and give it away.
If you think you don't need the additional funds then share your extra profits with staff, philanthropic endeavours, or invest in other companies and people. It's good for them and great for you.
CAUTION When you realize how easy it is to add 10% and share it, you may want to go further.
Suggestion #3 Share your knowledge and experience.
Share with staff and do an employee buyout. Pick a successor. Bring someone in from outside with a desire to carry on your legacy and grow the company to the next level.
Coach or advise other owners on achieving the same success as you.
It's up to you.
Share money, knowledge and experience it's all valuable. Continue on this path after you sell or transition. It doesn't have to stop. If it's in you to share it's with you for life.
You're in control.
You can dictate how your incredible post ownership years are spent. Most business owners have no idea how much personal fulfillment is waiting to be had.
If the idea of improving the value of your current business, buying another company or coaching/advising other business owners appeals to you, let's talk today.
After you transition go play, do some business or both. Nobody ever said post ownership means stopping having fun.
Eric Gilboord
416-270-2466
eric@warrenbdc.com
Click here for some other ideas 75 Things To Do When You Exit Your Business.
Interested in attending a pre-transition Owners only Mastermind? Call me or email.
In many lifestyle businesses the owner typically keeps the company a certain size because they are comfortable with managing only so much. Life is good, staff are compensated and so it goes from year to year. You've created a machine but only taken it so far. This operating style has worked well over time.
Like owning a ferrari and driving it to the store for milk. You can do so much more with the business machine you created. Then again you already knew that.
Eventually the idea of how you will spend the rest of your post ownership life pops up. Maybe you discover you can't transition out of the company the way it is or even if you do sell it won't fund your post ownership plans.
Suggestion #1 Grow what you have.
Share all your resources with your internal and external teams and get the company to where you have choices. I guarantee you will learn alot about yourself and those around you.
Suggestion #2 Make just 10% more profit and give it away.
If you think you don't need the additional funds then share your extra profits with staff, philanthropic endeavours, or invest in other companies and people. It's good for them and great for you.
CAUTION When you realize how easy it is to add 10% and share it, you may want to go further.
Suggestion #3 Share your knowledge and experience.
Share with staff and do an employee buyout. Pick a successor. Bring someone in from outside with a desire to carry on your legacy and grow the company to the next level.
Coach or advise other owners on achieving the same success as you.
It's up to you.
Share money, knowledge and experience it's all valuable. Continue on this path after you sell or transition. It doesn't have to stop. If it's in you to share it's with you for life.
You're in control.
You can dictate how your incredible post ownership years are spent. Most business owners have no idea how much personal fulfillment is waiting to be had.
If the idea of improving the value of your current business, buying another company or coaching/advising other business owners appeals to you, let's talk today.
After you transition go play, do some business or both. Nobody ever said post ownership means stopping having fun.
Eric Gilboord
416-270-2466
eric@warrenbdc.com
Click here for some other ideas 75 Things To Do When You Exit Your Business.
Interested in attending a pre-transition Owners only Mastermind? Call me or email.
