This year has been one of rediscovering things for many folks, and we here at Dirty Secrets of Small Business are no different. During the show today we shared several stories of things that we are rediscovering. The list includes everything from golf to high school football on the personal front to things like cold calling and networking on a business front.
So what kind of memories do you have of the library? If you’re like most people, it goes back to your early childhood days and story time. Perhaps you rediscovered the library when you had your own kids. Many of us spent time in the library during high school or college. But chances are that once you got into the business world you stopped visiting your local library altogether.
If you’ve been in business long enough, chances are you’ve received some unsolicited interest in your business. By “interest” we mean someone is expressing an interest in perhaps buying your business. It likely came in the form of a letter that was either physically mailed or emailed or from a phone call. These letters and phone calls often come from intermediaries so the actual person who might be interested in buying your company has their identity hidden. Do you welcome these solicitations with open arms? Do you avoid them like the plague…or COVID? Likely you’re somewhere in between.
One of the biggest challenges and common frustrations of any leader is to get everyone on your team on the same page. Use whatever metaphor you want. Things like “all rowing in the same direction” or “everyone reading from the same hymnal” and hundreds of other cliches. At the end of the day, it comes down to what you focus on as a Leader. Because whatever you focus on is what your team will focus on.
One of the biggest challenges for a business owner looking to transition their business to the next generation is figuring out who to transition the business to and how to know when that next generation is ready to take over. What does it look like when someone is ready to take over the company? Will you just know it when you see it? Should you have the next generation just follow you around for six months or a couple of years to learn by osmosis?
One of the things we help our clients do is buy companies. We usually start the process off by having our clients “turning over rocks.” Those “rocks” can include everything from talking to business brokers to responding to online listings or ones in the newspaper to sending out unsolicited letters to a target group.