Kenny Rogers’s hit song “You‘ve got to know when to hold ‘em – Know when to fold ‘em – Know when to walk away – And know when to run.”
While he wrote the song about gambling, the words hold true in business as well.
Business Exit Timing Is of Paramount Importance!
The difference is the stakes are much higher in business.
All businesses have a life-cycle, and the exact length of that life-cycle is determined by the person in charge – YOU
To learn about a typical business life-cycle, click this link:
In virtually all privately held businesses, the owner is the boss, and after a while, the boss gets burned out. It happens to everyone – no-one is exempt from this simple fact, and is probably the number one reason why so many businesses suddenly vanish.
If you’re a business owner reading this, you probably got into business because you thought it would give you the freedom to do what you want, the ability to work on your own schedule, make the kind of money you deserve, and eventually be able to retire on the fruits of your labor.
If you’re anything like about 99.9% of all the other business owners out there, you’re the first one in the door in the morning and the last to leave in the evening.
You do it all, and eventually, you’re going to get worn-out and you lose your motivation. The excitement will wane, the motivation will go out the window, and your drive will begin to fade.
Getting up in the morning and going to work will become a burden, employees will begin to bother you, customers will begin to get under your skin, and all the fun you once had will be a distant memory.
It doesn’t happen overnight, but it happens to practically everyone.
It usually takes a few years before you realize it because you’re working your butt off and can’t or won’t take the time to step back and take a 30,000ft view of operations. What normally happens is, one day you wake up and says “I’m done. I don’t want to do this anymore,” and suddenly do something about it.
You’ll haphazardly put the business up for sale for way too high of a price, or you might begin stripping the company of all the cash and then suddenly close the doors and walk away.
It happens all of the time, and if I’ve seen it once, I’ve seen it a hundred times.
A Simple Way To Tell If You Have Lost Your Vision for Your Business BEFORE It’s Too Late, and Take Action While You Still Can.
The easiest and fastest way to see if you’re losing or have lost your vision is to simply look around.
Look at the outside appearance of the office or building – it is clean and neat?
If your desk is a mess and the rest of the office is somewhat dirty, you’ve lost interest and you better do something different – NOW or before it’s too late.
Just Think For a Minute ….
About a homeowner who is in a financial bind, or perhaps going through a difficult marital or health issue. The same thing happens to a home. The yard and landscaping gets neglected, next comes dirty windows, untrimmed trees, etc. All tell-tail signs something is going on, and a bargain hunter magnet..
Real estate investors, bargain hunters and vultures look for houses like this all the time, and the same thing happens with savvy business buyers.
One of the 5 Fundamental Elements of Every Successful Business is Vision and Leadership. It is imperative for a business owner to be cognizant of their vision and motivation.
If you’re office is a mess, you’re losing interest and you need to think about taking some sort of action – FAST. Every business has a life-cycle. Where are you on yours?
To learn more about business life-cycle, click here
Copyright business exit timing PB
Paul Forsberg is a Business Growth Coach Who Specializes in Self Employed Business Professionals "Make The Phone Ring With Quality Leads, So They Can Get More Customers, & Make More Money." Author of the #1 Amazon Best Selling Business Book "The 5 Fundamental Elements of Every Successful Business .... Why Most Businesses Cannot Be Sold & What You Can Do About It." You can reach him by email at Paul@PBForsberg.com
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