During a consulting call some time ago, I spoke with a couple who had run a remodeling company for quite a while. The husband was a little crispy, not as motivated as he once was to deal with all that owning a business entails. The wife was looking forward to a remodeling company-free life while committed to supporting her husband in the meantime.
Their question was: Could they sell their company? Here is the key advice that I gave.
Celebrate What You Accomplished
In the midst of all the stuff that comes with the day-to-day it can be easy to forget how much you achieved over the years. Talk to one another about what stands out. There were (and likely will be) good times. Remember them together.
A future that will pull you forward must be crafted. What do you want to do when you each are not involved in running the company? Write it down. Share your visions with one another. Do a reality check regarding the needed finances to support those dreams. Create a plan to make the goals happen.
Don’t wait until you are not running the company to start doing some of what you dream about doing. Start sooner than later. Doing so will give you a sense of hope and renewed energy. Tell your clients about your activities. They will be happy for you.
Get Outside Financial Advice
It’s essential to have an objective perspective regarding your projections of the dollars needed to fulfill your dreams and where they will come from. Get someone to poke holes in your plans. It’s better to do that now when you are still getting income from the company than after you have left the building.
Respect Meeting Schedules
All the in-company meetings must happen when scheduled. All in attendance must be engaged. If the owners aren’t engaged, then the employees won’t be either. The attractiveness of the company to a buyer depends on a certain level of vitality.
Who does what needs to be crystal clear. At the same time, all in the company need to hold one another accountable for doing what each is supposed to do. No slack for anyone, particularly the owners.
Get Outside Perspective
When an owner is not feeling a sense of possibility, getting an outside perspective is essential. A therapist or the like can help you get grounded and be hopeful about the future.
So what was the upshot? These folks sold their company! Now they are discovering the rest of their lives.
Dreams drive change. A good place to dream from is all you accomplished so far in your life.
You’ll be surprised about all the people whose lives you made better. Now it is time for you to do that for yourself.