Whether you are starting, buying, or running a business, one of the most popular questions you’ll be asked is “What’s your plan?” Almost like a new college student who is often asked, “what’s your major”, your response as a business owner might be a canned response of saying what you’re supposed to say. Things like, “we’re planning to grow by 22% this year and double over the next 5 years…”. Or maybe you’ll be a little more honest and say things like, “Yeah, I don’t bother with those business plans. I spend my time doing stuff instead.”
I’ve been taking a personal branding course recently with a podcaster I’ve been listening to for a while named Jason Stapleton. One of the exercises we were asked to complete was our “origin story”. It covers things going back to your parents and their upbringing and how many siblings they had and where they grew up and eventually getting into where I grew up and how I got to this point in my life. One of the things that jumped out was my work history. And it got me to thinking, can you spot a budding entrepreneur based on what they do early in their life and career
One of the things we fight in our day jobs as business coaches is the never ending poor advice given to small business owners. Perhaps the biggest offense with this advice is folks talking about business plans. It might sound something like, “All you need is a business plan to get started.” Well intentioned advice. But what does this really mean?
Tonight is the second part of a show we started last week to talk about how to transition the business from one generation to the next. These two shows are geared to the current owner and questions and concerns they have. Net week we will get into questions from the next generation’s standpoint, but this week and last week’s shows should be helpful for you as well.
This episode was designed to be the first of a 2-part series focused on helping both current owners and potential next generation owners figure out how to transition the business. Well, we only got about half way through the questions for the current owner this week so we will cover the second half in next week’s show. After that we will get into questions from the next generation’s standpoint.