Many small business owners are energetic, dynamic and share the philosophy that they are capable of doing it all for their business. Starting out, these new owners are doing the operations plan, hiring, dealing with vendors, filling the pipeline with new customers and ultimately being pushed and pulled in a thousand directions. It usually starts out this way with the boss doing everything.
Jack Mencini and Adam Sonnhalter of Maximum Value Partners (MVP) know that over time, it’s impossible for the small business owner to be an expert at all facets of the business. One of the most challenging parts of running your own business is that you are constantly faced with situations where it isn’t always obvious what you should do next and thinking that you can do everything yourself. Jack and Adam often use the visual of the overlapping of their 3 Circles model to explain what the owner is feeling: http://maximumvp.com/the-3-circles/
In this week’s dirty secret, Jack and Adam who are the hosts of the Dirty Secrets of Small Business show, uncover the fact that many small business owners feel that transferring the business to the kids is the best exit plan. Most business owners didn’t start their company with the idea in mind of getting out of it or doing an exit plan. Yet, many small business owners have dreamed about building something that they could one day turn over to their kids.
Unfortunately, it’s usually not that simple and often the wrong course of action for the health of your relationship with your kids and the health of your business. There are far better ways to go when you wish to exit the business. Give Jack and Adam a call at (877) 849-0670 or email them at email@example.com to start the discussion and the exit plan.
In this week’s client success story, Adam shares the overview of how one company accelerated their growth by using several of MVP’s 7 Keys to Success http://maximumvp.com/7-keys-to-success/. The Presenting, Profit Plan and Organization points are the 3 of the 7 keys, which provide the groundwork for this client’s plan for accelerating their growth. It can work to accelerate your growth as well!
For more details on this success story, access the podcasts on iTunes or at http://maximumvp.com/dirty-secrets-small-business-radio-show-podcast/ ) to hear this November 7th broadcast and more of Maximum Value Partners’ clients success stories to get great insights for your own business.
If you have a success story or a question you would like to share, email or call (firstname.lastname@example.org or 877-849-0670). You can also call into during the show each week at noon (EST) – 1:00 pm on WINT 1330 AM, call 440-946-9468 to ask your question to the Maximum Value Partners’ coaches!