Dirty Secrets of Small Business
The good news is you’ve gotten that offer you can’t refuse and you are going to sell your company. Now the question is what do you do next? Do you stay on with your company after the acquisition? Do you ride off into the sunset? Do you start another company? So many choices and so little time.
How many times have you uttered the phrase, “I don’t have time!”? If you’re like most of us, it’s likely been hundreds or even thousands of time…just this year! Way too many small business owners utter that same phrase when we talk with them about exploring new opportunities.
One of the things we talk about often when it comes to business partners is the timing of difficult discussions. This is especially important when those business partners are also life partners because you’re going to be seeing this person after work as well. The last thing you want to do is let things that happened at work impact what happens at home. But hey, we’re all human. And sometimes our emotions and best intentions can get in the way.
Making the decision to hire someone can be very stressful on a small business owner. What if we pick the wrong person? Can we truly afford to add someone else to the payroll? What will we do if we don’t hire someone? How soon will we know we hired the right person? These and many other questions roll through the heads of business owners looking to make hiring decisions.
Are you ready for retirement? I can’t wait for retirement!! Can I retire now? Everywhere you look you can find someone trying to give you advice on retirement. But as a small business owner, retirement is likely something you’re not looking forward to. I mean isn’t retiring something old people do?
Can’t I just say it! Why can’t I just tell them how I feel? These and many other thoughts have likely gone through your head at some point. Perhaps you are frustrated or feeling some pressure and you’re just about to burst! Take a deep breath, in through the nose and out through the mouth. Take another one and take a step back from the situation. Should you say what you’re thinking or should you bite your tongue and look for a better time and situation to make your point?Perhaps after you’ve had the chance to calm down a bit.
One of the best things about summer is the chance to have some vacation time. It’s a chance to break up the monotony of your day-to-day and add some different type of chaos and excitement to your world. But one of the drawbacks is that vacations can get you out of your routine. Disrupting routines isn’t necessarily a good or bad thing by itself, but it can often be difficult to get those routines reset.
One of the great things about being a small business owner is there are new things popping up all the time. A key success factor for any small business owner is being able embrace and respond to these new challenges and opportunities. But growing can be uncomfortable and scary at times. If nothing else, it can make you feel even more lonely and under pressure.
After you’ve been in business for a few years, one of the strangest things starts to happen. You’ll begin to get inquiries from folks who will say they are interested in buying your company. If you’re like most small business owners, you’ll take those inquiries and store them in a file somewhere for when the time is right. So if you’ve determined the time is right, how to you make sure you find the right buyer for your business?
We know, this might sound a bit dramatic. Like the power struggles between good and evil! But this can be a big challenge for couples who are also business partners. So if you aren’t aware of the power dynamics that are happening in your business, and more specifically your relationship with your spouse, or if you are experiencing some of these power struggles then this show is for you.