If you’re like most business owners, you’ve probably developed a deep attachment to your company. You’ve spent years building it, working overtime and devoting much of your energy to ensuring its success. Although you often consider leaving the stress behind, the thought of no longer running the company can create anxiety. You’re the business owner. This attachment is natural.
When you want to create a better work-life balance, it’s important to set a life compass that can motivate you to make changes. Take some time to explore the role you play as owner. Picture how your ideal life would look. Are these two pictures compatible?
As all business owners know, your business can demand a great deal of time. This leaves the other areas of your life somewhat neglected. With the newfound desire to re-balance your life, you can see the importance of putting things in place to reduce the business’s reliance on you. You’re the owner—but do you want to be the owner forever?
Taking a step back from the business allows you to take a more strategic view of the operation. By reducing the need to work in the business, owners permit themselves to re-balance their lives and spend more time working on the business. This shift in priorities allows you to improve intangible assets, such as marketing, culture, and procedures—to name a few.
These intangible assets will ultimately reflect the price a buyer is willing to pay for a business. So ask yourself:
- What are you doing to prepare your business for the marketplace?
- How are you planning to get the price you deserve?
- Are you working in the business or working on your business?
These are questions that every business owner needs to ask themselves. You’ve built your business from the ground up. Soon you’ll be ready to sell it. What are you doing to ensure it’s ready for sale? And would you like a hand to get some ideas working for you?
Business Transitions Plus is here to help with strategic planning for your business. Please visit our contact page to get in touch!