Some business owners want to grow their company while others don't. I understand the degree of desired growth varying from owner to owner or even partner to partner. What I don't get are the reasons some use for not growing at all or even trying.
Sometimes I'll ask a business owner, contemplating selling their company, this question. Would you prefer to sell your current company or one twice the size? The answer is not always predictable.
I've heard several negative answers from I'm happy coasting to we can't handle any more sales, more sales mean more problems, I don't need any more money and the one that drives me crazy - money is evil. Or at least it makes you a bad person if you have money.
There is nothing wrong with making money. However, if that was your only goal to accumulate, then I might agree with the critics. It's all about what you do with it.
So here is one of my thoughts on the subject of philanthropy. How much good could I do if I doubled the profitability of my business prior to selling?
In other words, what could I do to improve the world with the surplus funds that would come from selling a bigger more profitable business. Instead of coasting, selling low or giving the business away I could take my years of experience and expertise in making widgets and turbo-charge the company over the next few years.
Then leave on a high, do some good and change peoples lives forever with the additional funds. Family, friends, business associates or strangers it doesn't really matter who you help.
The boomer generation has had a massive impact on society, both good and bad. I'd like to believe we can leave a legacy of having left the world in a much better place.
Sounds pretty good to me, your thoughts are always welcome.
Cheers, Eric
Sometimes I'll ask a business owner, contemplating selling their company, this question. Would you prefer to sell your current company or one twice the size? The answer is not always predictable.
I've heard several negative answers from I'm happy coasting to we can't handle any more sales, more sales mean more problems, I don't need any more money and the one that drives me crazy - money is evil. Or at least it makes you a bad person if you have money.
There is nothing wrong with making money. However, if that was your only goal to accumulate, then I might agree with the critics. It's all about what you do with it.
So here is one of my thoughts on the subject of philanthropy. How much good could I do if I doubled the profitability of my business prior to selling?
In other words, what could I do to improve the world with the surplus funds that would come from selling a bigger more profitable business. Instead of coasting, selling low or giving the business away I could take my years of experience and expertise in making widgets and turbo-charge the company over the next few years.
Then leave on a high, do some good and change peoples lives forever with the additional funds. Family, friends, business associates or strangers it doesn't really matter who you help.
The boomer generation has had a massive impact on society, both good and bad. I'd like to believe we can leave a legacy of having left the world in a much better place.
Sounds pretty good to me, your thoughts are always welcome.
Cheers, Eric
