Business owners often struggle to determine the answer to this critical question posed by Joe Strummer back in 1982.
Do you just need a Holiday or is a more fundamental change required?
Maybe a proper holiday is all you need to rekindle the energy, passion and drive that has made you so successful.
Maybe escaping the Sydney and Melbourne pressure and pace of life for a month is all you need, but maybe it is not.
If a holiday doesn’t do the trick, don’t worry, there are other options your hard work has earned you. Something as simple as obtaining an external perspective to help solve a persistent problem could solve your challenges.
Alternately, if you want to reduce your time commitment, considering appointing a CEO may work well for you and for the business. You would oversee the business but someone else would be responsible for day to day management.
Some of our clients don’t like the idea of having someone else running their business and have instead chosen to sell.
Don’t sell your business too soon
Any business that has taken one, two or three decades to build will have some negatives. Your business is not unlike your family, there are good bits and bits that we all would find irritating. Most people don’t trade in family members on a whim and you need to be careful to not trade in your business after a tough week.
It is important to regularly break down the pros and cons of the business itself, of continued ownership and of the continuation of you working in it.
We have seen many business owners sell prematurely due to a run of bad luck, or a change they didn’t expect or want, only to turn around later and regret selling.
The regrets over selling tend to be from people towards the Rupert Murdoch end of the personality spectrum. They are driven, they find meaning in working hard, being an identity within their space and making money (even if they will never spend it). While they often value family, they cannot see themselves looking after grandchildren. While they might enjoy a hit of golf, a few times a year is more than enough. They do not need to retire to do the things they want, as they are already doing what they want; they enjoy the business challenges, interactions with their staff, customers and suppliers and earning money in their current life too much.
But, don’t leave it too late
The regrets over not selling tend to come from people for whom the business is not the dominant factor in their life. While it may be or have been a passion, their family, their sports, their travel or their hobby are also passions. The business has been an important part of their life, but it is not their life. They can imagine doing things that do not have a monetary connection.
Sadly, we have seen people die before retirement or be forced to sell due to sudden ill health that then denies them an enjoyable retirement. They have the money but not the health with which to enjoy it
There are many other considerations for you and I thoroughly recommend the “5 Mistakes Business Owners Make When Selling Their Business” series of articles written by Michael Mahoney.
The ultimate question at this point may be “Is the business serving you or are you serving the business?”
How do you answer the question posed by The Clash: Should I stay or should I go? That is a question we at Hamilton Rich pride ourselves in helping clients answer in an objective way. So please give us a call for a no obligation discussion.
We would be happy to have a no obligation conversation the best options for passing on your business to family or selling outside the family. Feel free to call Tony Holley on 0417313136 or Michael Mahoney on 0410285318 for an obligation free, confidential discussion.