Why Don’t More of Us Think Strategically?
I was talking with a business owner recently, and he commented that he just hasn’t got time to do anything other than “business-as-usual.” He’s so busy! But when I questioned him further, he shared the fact that he’d like to sell his business and retire soon (he’s in his late 50’s).
The challenge is, he doesn’t really have an asset that he can sell! He and his wife (who also works in the business) have created jobs for themselves. Although they have a couple of staff members, there are no documented systems or policies in place, no marketing plan and no health and safety procedures to pass onto the potential new owners. No contracts with suppliers or clients. No database.
In short – there is no plan for the business that will help him realise his retirement plans!
I’ve asked them to identify who they’d like to buy the business and why? What’s important to that potential vendor and what steps do we need to take to make the business more attractive to them. Obviously we’ll be addressing some of the short-comings we’ve identified above in the next few months.
I’d be interested to hear where you think he should start … what’s important, what’s not? Should he even bother? Why not just shut up shop like so many others are choosing to do? Let me know your thoughts …